China has two economic spheres in that respect, the market economy and the state economy. Woe betide any private company that tries to compete directly with a s

China has two economic spheres in that respect, the market economy and the state economy. Woe betide any private company that tries to compete directly with a state enterprise. They can work with them but not against them. This is probably why Jack Ma got in trouble over ANT. Banking, or at least a large swathe of the official finance sector, is largely a state monopoly. Private companies largely rely on informal or private financing.