Yes but it some respects you're comparing apples to oranges. The US political system is perpetually focused on the short term because of the ~4 year election cycle. China has a president for life and single-party rule. They are able to make and execute long term plans, which is why they are currently succeeding at reshaping the global trade landscape. (all roads lead to China, and all that)

It's not just that the government takes over management of the companies, they also manage the population. Where in the US consumers may choose to avoid an entity being mismanaged by the government, in China they may not exactly have that option.

Looking at the runaway success of China on the world stage I'd say one probably needs to marshal arguments other than "the businesses will fail because of government involvement."