"Of the top 500 companies in China, 316 are State-Owned Enterprises (SOEs). They account for 82.82 percent of the total revenue, 90.40% of the total assets, and 81.88% of the total profit of these 500 companies. The top 10 most profitable companies are all SOEs, including three oil companies and five banks."Mind you, Nolan's point is that in crucial industries, for example aircraft (see also James Fallows' China Airborne), US based firms that control sensitive technology (in aircraft there is a symbiotic relation between military spending and civilian innovation) are deeply interconnected with the catch up process in China (remember this?).
It's not so much that China is buying the world, as much as developed (mostly, but not uniquely, US based) country's firms that are using Chinese markets to expand its worldwide domination. Think of Apple/Foxconn as an exemplary case. Chinese development is a combination of State-led growth with a heavy dose of foreign participation in the development of the more technologically advanced sectors, and an increasing role for the domestic market (and yes they slowed down to some 7.8% growth now, it seems).
That is why it's also important not to be swayed by the view that China is becoming a developed country contesting US hegemony. Even if the performance of China is impressive, China is still a country doing the transition to an urban-manufacturing society, and is an earlier stage of the process of development when compared to the most advanced Latin American economies (see here).*
PS: As I noted in the comments to the post in the link above, in current dollars, Chinese GDP per capita is around 6000, while Argentine and Brazilian GDP per capita are closer to 12,000.
