That’s supposed to be worse than the government controlling everything like in China?
China calls its government a State Council, Russia calls theirs a Duma, and the USA calls its one Microsoft. (Or Oracle, or Disney, or S&P 500...)
Going with your example, the State Council or CCP only exists in name only. Xi, the emperor, is the government now just like Putin is the government for Russia. We might be puppeteered by corporations, but at least it's still a group of people who need consensus vs one flawed, megalomaniacal dictator - at least for now