The Power of State-Owned Enterprises in China

60% of China's GDP is private, and only 40% is generated by the state. This shows what actually drives the Chinese economy, not the state at all, but the market. When regular people think about state-owned ownership, it tends to invoke the specter of the USSR. In a Soviet-style SOE, and we'll take as an example of Chinese SOE, the socialist period, which functions similarly, the firm is literally a government department.