The practical reality of short-termism is mugging the textbook theory of democratic innovation in business management and economic science.
No corporation is a democracy, unless if employee owned and employees vote on the decisions. So it is the dictatorship of for-profit private corporations (USA) vs the dictatorship of the people represented by the state (PRC)
Additionally, it’s worth noting that public sector controls the commanding heights of the economy in China. While these are not run as cooperatives, the purpose of work is the key difference. The goal of a private corporation is to produce capital for the owners. Meanwhile, public enterprise exists to produce things the society needs. The workers in public enterprises are the primary beneficiaries of their labor. Additionally, the state owns the golden share in all major corporations, and thus makes final decisions on how they operate. So, even private sector in China exists on a tight leash. I can highly recommend this video from Ben Norton explaining how Chinese economy actually works for people who are interested.
