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Modern China is an even more interesting story. Their largest state-backed real estate firm collapsed years ago. The reason why China is in a mild recessions instead of a full-blown depression is because the state took control, triaged what they could, and chose losers in such a way as to prevent the worst-case scenario. A solution similar to what the US eventually dragged itself to after the 29 Crash. In a crisis, socialism works, actually.

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It's definitely not socialism. The governments always aim to take over failing private industries or industries they want to modify for external reasons. After taking actions toward that end, they send the industry (in part or whole) it back to wealthy friends of the politicians in power. Socialism doesn't work at scale, any more than any other system. The possibility of an existing government doing what it thinks is necessary, is never far from anyone's mind.

> In a crisis, state intervention works, actually.

There, fixed that for you. Stop calling literally anything that isn't 100% raw free market capitalism "socialism".

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