Comment by seanmcdirmid

Those giant companies in China are supported by the cities/provinces. It is just that they are comparable to not even small countries, the central government doesn't need to create champions for consumer goods, more local governments can do that just fine. SOEs are also mostly zombies in China, it should be very telling that BYD is not an SOE; we aren't even talking about any of the SOEs FAW Group, Dongfeng Motor, Changan Automobile, SAIC Motor, BAIC Motor, and GAC, who are still more known for their JVs.