What would you call it? The sheer complexity of its ethnic mix makes it actually a lot of little sub countries sewn together by a so called government that never has come close to adequate governance of its territory. It still is recovering from European colonization of the 19th and 20th centuries. I do believe the governing entity is the Communist Party. They would make a terrible mistake emulating the U.S.
I would describe it as a capitalist dictatorship.
It's full of entrepreneurs. Consider an example:
View attachment 966
I took this last year in Suzhou, China. Sorry about the image quality, that's 1/8 second @ 50mm effective focal length and I still keep forgetting about the ISO adjustment--I learned on film, not digital. Do you really think the state is running a shop in roughly 5' x 5'?? (Yeah, you can't see the depth in the photo. She has no light in there, even if the viewing angle permitted it you wouldn't see the back.)
This is just someone selling snacks etc outside a tourist site.
I've seen even smaller shops before but I haven't had my camera along when I encountered them.
I can't actually address the ownership of the bigger places but I see far too much competition for state ownership. (And, yes, I have been in places that really were communist--I've been in the majority of the countries behind the Iron Curtain. You didn't see nearby businesses that competed with each other.)