China’s economic miracle has been analyzed countless times. Factors contributing to its success range from the cultural to the systemic to the ideological. While the reforms that led to a market-based economy and private enterprise in China are the foundation for this success, another core element of China’s rise has been the role of the state, not only in politics, but in the transition of SOEs from the only game in town, managing nearly all aspects of their employee’s lives, to becoming major global competitors.