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China's SASAC, which oversees the centrally owned state enterprises of China, is the largest economic entity in the world with assets of $26 trillion and revenues of $3.6 trillion (2017). That is what imperialism wants to break up and loot.
SASAC and other non-central state enterprises are literally the wealth of the Chinese people, and SASAC is one of a series of levers by which the Chinese state is able to command what will soon be the largest economy in the world.
There is a multi-layered system of distributed command and control used to direct the socialist market economy, of which includes:
-SASAC
-Non-central SOEs
-The state financial system
-Regulatory bodies
-CPC committees throughout the nominally "private" economy
-SASAC
-Non-central SOEs
-The state financial system
-Regulatory bodies
-CPC committees throughout the nominally "private" economy
SOEs are dominant in what are known as the "commanding heights" of the Chinese economy (transport, energy, communications, heavy industry, defense, construction, etc.) Note it's nearly impossible to do even "private" business without touching at least one of these sectors.
Imperialists hope that they will be able to get a Yeltsin 2.0 or someone similar in place instead of Xi to sell off the wealth of China and simultaneously bring the country down to the level of 1990's Russia post-Soviet Union. They want to repeat that playbook.
A recent WSJ article laments that while the number of China's SOEs has shrunk, their size has increased. It notes that China's SOEs have dramatically increased their acquisition of private enterprises under Xi. https://www.wsj.com/articles/china-xi-clampdown-private-sector-communist-party-11607612531
Another article notes China's use of voting-rights control takeovers, including that of a subsidiary of the strategically significant SMIC - China's largest chipmaker. https://asia.nikkei.com/Economy/China-s-state-control-of-economy-grows-with-50-backdoor-takeovers
The significance of this is that bourgeois (and certainly imperialist) analysts view Xi as representing a strong defense of the state-led model of development - which was given further credence thanks to China's remarkable recovery from COVID-19, which heavily utilized SOEs.
The bourgeois fantasy has always been that China would eventually "give in" to the market and completely privatize the state economy. This has not happened and if anything, the private economy is more firmly under the control of the state than ever before.
