Again, just about everything you said applies to the U.S. state and its relations to private firms. Regardless of all that, profits accrue to private owners, investment decisions are determined by profit, and labor is hired and disciplined via market relations. All of the political relations you listed only marginally modify capitalist relations; the law of value still operates.

One emperor in US state doesn't control legislative, executive, judiciary, military and private company boards and financial capital. The way you have to look at China it is an empire with bit of communism and capitalism. If the mandate of heaven is favorable emperor controls everything, otherwise power diffuses a little among the emperor coterie.