Too scared: it's socialism!
What about competition policy? There's an entire government agency to propagate their views on this; the Productivity Commission.
Which is completely absurd. On the one hand Australia admires the economic revolution of China, and on the other doesn't want to know about how it's done.
That said, theft of intellectual property is a real danger. But the US and UK don't have entirely clean hands on that issue. China believes it was cheated in the past (probably true) so it feels justified in cheating now (absurd reasoning, but it explains the nationalistic fervour they have).
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China in a nutshell, page-16
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