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How the state-owned enterprises (SOE) work, has been an evolving question over the years, but in general, they are CPC controlled entities that strictly follow the 5-year plans set out by the national peoples congress (NPC, consisting of ~3200 CPC members), the highest organ of state power. ~50% of China’s economy is in the socialist public sector and follows that plan to a tee. This article is long, but it goes into great depth about how the SOE’s function.
It should be also noted that the “non-state enterprises” have strings attached to the government in many ways; they’re not really independent.