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My information comes from many places.
Xi Jinping has pushed for greater party control over the military, the media and civil society, is now focusing on business. The government is taking over the country’s largest companies, including internet companies. Furthermore, they have stepped up requirements that businesses, even foreign ones to give Communist Party committees a greater role in management. Thus even private companies (which represent a minority in China) are state controlled.
Heres a old Fortune 500 link (2015) stating the following:
The top 12 Chinese companies are all state-owned. They include massive banks and oil companies that the central government controls through the State-Owned Assets Supervision and Administration Commission of the ruling State Council (SASAC), which appoints CEOs and makes decisions on large investments. Of the 98 Chinese companies on the list, only 22 are private.
China's Global 500 companies are bigger than ever—and mostly state-owned