Chinese protectionism (aided by the language barrier) has served chinese entrepreneurs quite well.
They have their own google. Their own fb. Their own twitter. Basically all services that India doesnt have. The list goes on. These services may or may not be inferior to the original but from an economic standpoint, its good since the money and data flows within the economy instead of going abroad.
India has its own taxi service but they are getting severe competition from uber (with rumours floating of a possible buyout by uber). We have flipkart but they are getting pummelled by amazon (which just walked in late to the indian ecommerce market after flipkart laid all the groundwork) and was recently down-valued by investors.
China is also successfully exporting to india- chinese smartphones are doing very well, much better than Apple.
The US companies (slack being perfect example) have the typical approach of: 1. Take capital and give out free stuff 2. Be everywhere 3. Now either show ads and mine user data and build user profiles. Alternately, they shutdown. All this churn causes a tremendous amount of loss in the local economy.
For instance, at the time when Google was kicked out of China essentially leaving their market a Baidu monopoly, Baidu lacked many useful features of Google especially if you wanted to search for non-Chinese websites (e.g. if you were a scientist wanting to do international research). The PRC didn't care. Having a pliable and controlled 'captain of industry' in the form of the Baidu founder was a more important goal to them, than the convenience of their own people.
Repeat that story a million times and you have an economy that looks superficially strong but makes its people miserable .... oh wait no it doesn't, because the censorship and language barriers ensure most people have no idea what they're missing out on.
But in long term i dont know. I am no econmist but If all your stuff is made abroad and little is made locally how will consumers find money to pay for the imported goods?
Protectionism doesn't fix that though. If you can't afford sophisticated cheap foreign-made goods, you also can't afford the crappy expensive protected local made goods either.
Not everything has to be seen through Western colored goggles. There is something quite admirable to me about China forcefully wanting their own local products front and center and frankly it's worked out well for their economy all things considered.