Having spent a decent amount of time in China, I think there are definitely a lot of falsehoods that are spread about it, but ethnostate-ish seems a pretty fair conclusion.

If you look at the way they're trying to integrate the outer provinces, and even just the way they view day-to-day and business interactions between Chinese and Westerners.

A Chinese billionaire in the US is no big deal, a US billionaire in China is unimaginable--they'd consider it out of order and I'd be surprised if it could even happen without them being cut down mid-journey. A contrived example maybe but success is reserved for the Han, not for outsiders.