From the article: "Hong Kong(CNN Business)China has cut its global tech champions down to size, cracking down on antitrust abuses and undue risk taking. But the heavy-handed approach could backfire on Beijing by stifling an entrepreneurial spirit that has proven vital to the country's rapid economic rise."
Public investment that billionaires exploited for their own profit! You want to throw away what works?
The only way to get billionaires to actually do the research is to remove all chance of loss (as seen with Corona vaccine development). Otherwise it is mostly just taking what publicly funded research finds, add the last step and copyright it (also seen with Corona and the AstraZeneca vaccine).
The only things that is pioneered in the private sector is ways to circumvent labour laws such as Uber and AirBnB.