‘People of the same trade seldom meet together, even for merriment and diversion, but the conversation ends in a conspiracy against the publick, or in some contrivance to raise prices’. Adam Smith

The state has an legitimate role to regulate and control businesses to prevent them becoming rentseeking parasites. It also must legitimately control the outputs of business where they impose a cost on the wider environment otherwise you are effectively subsidising the relevant enterprises at the expense all other citizens and often also future citizens.

The state must ideally stand above private corporate interests in order to perform these roles- the modern corporate sponsored western 'democracy' fails in this- the current Chinese regime mostly appears to succeed in this- thus in large part its phenomenal economic success to date.