WFOEs indeed exist, but there are many restrictions on the types of business they can conduct, both directly[1] and indirectly because activities require licenses[2] that WFOEs can't get. The grandparent post was wrong in the details, but it's still a different world from the USA or EU.
1. https://www.fdichina.com/blog/china-company-registration/ftz...
2. https://www.china-briefing.com/news/entry-strategy-chinas-on...
