A communique issued after the Third Plenary Session of the 18th Communist Party of China (CPC) Central Committee last year said that China would ensure that public ownership retains its leading role in the State-owned economy. However, it noted, the country will also support the private sector in order to make it more creative.

Wang Yuanzhi also noted that China's economic success was attributable to both the public and non-public sectors, and that there is huge potential for cooperation between State-owned and private enterprises.

"Some say it is like a tug-of-war: either the SOEs win and private companies retreat, or the other way around. But I don't see it that way," said Wang. "There is great room for cooperation."

His words were echoed by Zhu Andong, an associate professor with the School of Marxism at Tsinghua University.

Zhu said SOEs play a bigger role in key industries and boast more advanced technology, while private companies are more innovative, more market-driven, and more adaptable.

"There is more room for cooperation rather than just rivalry between SOEs and private companies," he said, comparing SOEs to an aircraft carrier and private companies to its escort vessels.

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