That just means one giant corporate entity runs the country.
And let us not forget that there are about as many billionaires in the chinese parliament as there are millionaires in the US parliament.
China is corrupt, mercantilist, and run like a maffia family, and with the coming demographic hit, their power will soon diminish.
Humans everywhere have those characteristics. Currently, China has substantial control of the supply chain for almost everything. I think you'll find Chinese power remains but the wealth and power distribution internally becomes even more centralized. The US and China are similar in this regard.