It's also worth noting that the Chinese use their state-owned entities in entirely different ways that the rest of the world. Take, for example, their military. One of the things that the Chinese use their military for is cyber espionage in order to steal trade secrets, R&D, and other (expensive) proprietary information. Their military then turns it over to the Chinese Communist Party leadership, just like we might turn over normal espionage or intelligence reports. When we talk about defense in the US, those are really sunk costs. At best, we equate defense costs (like military aid to foreign nations) as investment for good relationships, treaties, openness in trade, etc. A less optimistic view is that we plop billions into places like South Korea to defend our own interests while also defending the interests of the South Koreans, and we're effectively paying for both of our lunches. The Chinese can actually make money with their military. It's interesting to think about creating different business models in the world today using state-level actors/agencies.