this post was submitted on 29 Apr 2024
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No, that is a common misconception. Most (~85%) companies in China are completely private and just pay taxes. Most of the super large companies (like fortune 500) are partially or completely state owned though. They have embraced aspects of capitalism the last decade, but with checks to ensure that huge corporations don't control society like in the US.
Perhaps "state managed" would be a better descriptor for Chinese private companies, since some now have personnel belonging to the CCP serving in management or board positions.
Being a successful politician in China may allow you to control large companies. Being a successful businessman in US may allow you to control political parties. I guess the endgame is the same for powerful people in both countries.