Or rather, China currently still lacks true leaderships in many sectors. Leaders with bold and strategic visions that enable them to form and lead globally competitive corporations. Yes, it is good that China have the like of BYD and Huawei but there should be many more of them in many other sectors.
Like, China should have its own globalized Walmart, Costco, IKEA, etc. After all, most of their products are made in China and these corporations are reaping the most profit.
Where is China's globalized hotel chain like Hilton, Sheraton, Marriott, etc?
Where are China's globalized fashion/luxury clothing, shoes, makeups, .. brands?
etc
There is no reasons why China can't create these globalized corporations now. China have the scientific and R&D knowledge, productions, financial supports, etc. China just need some true leaderships to harness and unify all these together to make really competitive corporations. Instead, China now have way too many mom and pop store/company #1, #2, #3, #metoo9, #Iamcopyof2&3 s.