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China's economy is 40% state-owned – compare Lenin's NEP period, 70-77%
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Soviet state-owned enterprises were designed to make a thing (like the water service, like the post office). Chinese state-owned enterprises are different: they are profit-making players in the market.
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China has enterprises owned by local and provincial government – sometimes they compete with each other! So the state competes with itself on the market!
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They can sell 49% of their stock on the stock market, even to foreigners.
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The State-owned Assets Supervision and Administration Commission of the State Council (SASAC) is an institution directly under the management of the State Council. It is an ad-hoc ministerial-level organization directly subordinated to the State Council – http://en.sasac.gov.cn/sasacaboutus.html – It's like the Chinese statist Berkshire Hathaway. In theory, it can control a company as much as a shareholder can.
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Li-Wen Lin & Curtis J Milhaupt write about Chinese corporate structure. They say when direct state industries (like post offices or Soviet bureaux) turned into profit-seeking state-owned things and essentially bought the party off, made it rich.
Kinda surprised that comments here are about some pre-emptive argument about wether China is really communist or not. Communism is the endgoal, the socialist state is an experiment, and none of the things listed in the OP really surprised me. If capitalist monopolies can learn from the soviet union how to in effect do planned economy with their massive market shares, I'm not shocked that a socialist state can have it's enterprises compete with one another, wield market forces, or borrow the form of a shareholder board to manage it's leadership of the economy. I'm not shocked that China's economy is 'merely' ~40% state owned. China has been at the heart of world economic development and in active exchange with the capitalist world for 40 years now. Tsarist Russia was not. I'm also unsurprised that oligarchs exist in the chinese system. That's a common liberal critique of it.
Capitalists outside of China will praise it for developing along capitalist lines. Except if any country in the capitalist West adopted 1% of the raison d'etre that exists in China, it's oligarchy would stage a counter-revolution. It doesn't matter if the policies are correct in the development of productive forces and or even in the enrichment of the oligarchs, the point is owning the system. The point is being on the driver's seat. And at some point, you've got to wonder about wether leftists aren't doing the equivalent of splitting hairs. Capitalist countries invented rail, industry, labour organization, modern academia, and so on. A socialist country is moving towards decreasing and then eliminating exploitation. Not all of the tools are innovations of the creed.
Ultimately I suppose all of the reasons I have to point out that China is different from, say, the EU or the US, someone else might hold as reasons for why the State is being consumed by the market from within. Well, I on one hand I think that's still premature. On the other, I believe that the creation of communism is a struggle on the longest terms possible, and that criticism is important to make sure one does not collapse on the way.
People nitpick or otherwise air out various grievances with the PRC. They fail to look at the big picture:
The PRC once had a GDP per capita lower than Ghana. It obviously has a far higher GDP per capita while Ghana is far less fortunate. Why is that? Are Chinese capitalists simply smarter and had bigger brains than Ghanaian capitalists? Or was there something more at play?
The PRC managed to avoid every single recession that hit everyone else, including the Covid Recession and the Great Recession. They even managed to dodge the 1997 Asian financial crisis. I guess Chinese capitalists are not only smarter and more big brained than Ghanaian capitalists but also smarter and more big brained than almost every other capitalist in the world. The closest thing to a Chinese recession is stock market turbulence and "our economy grew less than projected during Covid."
The fundamental flaw that critics of the PRC have is they believe that capitalism is somehow efficient or efficient enough to develop the productive forces of a country when capitalism is actually extremely inefficient. The main reason why Western countries were able to industrialize sooner had more to do with slavery and stealing land from Indigenous peoples than their economic system. This is why Tsarist Russia lagged behind Western countries. It lacked both oversea colonies and didn't have an army of slaves to provide near-free millions of hours of labor-time. So, when the PRC economically outperforms another country like India, they inevitably try to rationalize this by saying the PRC just did capitalism better than India or go to full-on cope mode by denying the PRC's economic progress.
Maybe a bit tangential to the direct topic at hand, but I found this paper the other day, discussing the government's relationship with the banking sector. Over 1.2 million Party members are employed in the financial sector, which is nearly 20% of the entire sector (and apparently up to 56% of one bank were Party members). Some banks have preemptively taken on their own projects to comply with political aims (the poverty alleviation campaign for one), as well as develop others with Party inspectors. I think the market incentives posed by only 40% of the economy being state-owned is definitely something to be examined going forward (and I have reasonably solid trust in them to do what's needed), but it's not like the Party doesn't have other methods of control.