Imperialism as a stage of capitalist economies shows us that the fusion of banking capital and industrial capital turns the seat of power of an economy into one held by finance capital, where banks and industry work together to decide what initiatives get lines of credit and funding and which languish to die.

China has nationalised the banks and finance sector, meaning that private businesses can only access domestic finance options if their People's Bank branch allows it. This creates a situation where, in a market economy like China's, although the market actors are overwhelmingly private interests, the ones that receive funding and the amount of funding they receive is controlled by the state itself, commanded by the Communist Party. This means that finance initiatives are subordinated to national and regional congresses' planning, meaning that in conjunction with the commanding heights of the economy being mostly state-owned and operated, much of private business is ultimately subordinated to the interests of the People - from a macroeconomic perspective.

Just my two cents in addition to the other commenters great contributions.