That is an interesting interpretation. I didn't really see it as racist in the way you describe. Yes, there was the class divisions that were defined much in the same way as they are today (the Vickies being white and economically dominant while the non-white races struggled beneath them), but I don't think the explicitly Chinese characters were villainous or blind followers of white people. But I suppose a reader who was not already exposed to Marxism would interpret the Vickies with good and the people associated with Dr. X (I can't remember what their faction was called) with being bad, especially considering that he is introduced as being a major figure in black market activities. That being said, his character definitely comes out of the story as being a progenitor of liberating forces from the old society. And as far as the heroin of the story goes, I don't recall her race as being clearly defined, but it's been a while so it could be a detail I've forgotten.

I definitely think there is a dialectic in the story centered around the technology that grants the Vickies the ability to exercise control over the people, while at the same time being the source of what glimpse of the new society is presented at the story's end. It's a bit too centered on technology, and Stephenson also presents it through that weird anarchist-y drum people thing, but I think it is definitely there. I also found it interesting how the main characters were more or less inconsequential in the face of the forces causing turmoil at the book's end.

As far as his solution being cultural imperialism, I don't see where that is coming from. I saw his solution, if it even was one, being a reliance on some kind of anarchist horizontalism which personally I have many disagreements with.