What aristocracy? And over half the Chinese economy is state-run.
Yes? That number is decreasing, is the point.
> What aristocracy?
The owners of those public-invested private companies. The state didn't decide to buy a majority stake in company A over company B because company A was meritocratically superior; the state had a personal connection to the ownership of company A.
This is factually incorrect, or perhaps more generously: out of date. SOE market capitalization as a percentage of the total has been increasing for about two years now, and the CPC has stated their intention that SOEs will play a bigger role in the economy going forward.
> The owners of those public-invested private companies. The state didn't decide to buy a majority stake in company A over company B because company A was meritocratically superior; the state had a personal connection to the ownership of company A.
[Citation needed]
Can't put my finger on it exactly however...
https://www.bloomberg.com/graphics/2012-mapping-chinas-red-n...