Secondly, I think you are vastly underrating the difference in "structure". If I was to pay you $100 an hour and give you a company credit card to go buy lunch, that's a much different proposition than asking you to go buy me lunch on the promise that I will reimburse you later. Corporations with a direct government investment are always going to have market advantage beyond just the price difference over companies that have to seek debt or investors.
Here's an HBR writeup on Steel subsidies, specifically relating to the government paying the energy costs: https://hbr.org/2008/06/subsidies-and-the-china-price
Here's an article about the battery glut - there is 4x as much capacity planned as there is estimated forecast since the government guarantees their debt: https://www.ft.com/content/b6038e51-7b5b-4f97-a5da-9202e7156...
This does not even begin to cover how the party provides political protections for the executives of these companies, or how the government aids these companies in stealing intellectual properties from trading partners.