Is China’s “statist” strategy sound?

President Xi Jinping has officially championed the idea of centring China’s growth strategy on large state-owned enterprises and no longer on the private sector. This is the opposite of the strategy pursued for over 20 years , going back to the era of Deng Xiaoping. China’s technological catch-up is far from over and, thus far, it has been dominated by large private companies. Can China’s technological catch-up conceivably be achieved by large state-owned companies? Can it conceivably be efficient to transfer savings from the private to the public sector?