Limited liability companies do not necessarily belong to private enterprises. A limited liability company that is solely funded by the state and authorized by the State Council or the local people's government to perform the investor's duties is a state-owned enterprise.
Legal objectivity:
The provisions of this section shall apply to the establishment and organization of Article 64 of the Company Law of People's Republic of China (PRC); Where there are no provisions in this section, the provisions in the first and second sections of this chapter shall apply. A wholly state-owned company as mentioned in this Law refers to a limited liability company which is solely funded by the state and authorized by the State Council or the local people's government to perform the responsibilities of the investor.