As far as I know, Geely isn't a state-owned enterprise. Years ago China made the decision to not do what the former fully communist Soviet Union did, which is have a totally communist government and economy. China chose to have a communist government, but a capitalist economy, and they've reaped the financial rewards accordingly. So for the time being at least, the businesses in China are private enterprise owned and operated. The way the Chinese government is going however, that could change in the future. If the state takes over all business, their economy and productivity will begin to decline and eventually collapse, just the way it did in the Soviet Union.
In the meantime, India is gaining as a manufacturing resource, and companies are beginning to diversify manufacturing outside of China so as to not be totally reliant upon them. This is good. Taiwan Semiconductor is starting to build plants outside of Taiwan, which is also good. Right now, if China attacks and takes over Taiwan, they'd control the majority of computer chip production for the world.
We just have to get through the next 12 months without any huge incidences, and things should get better.