Commentary Western finance experts used to recognize two categories of Chinese companies, such as state-owned enterprises and privately held (including publicly traded) enterprises. That distinction is increasingly passé; soon, all Chinese companies—no matter their legal and financial ownership—could become effectively state controlled.  Reuters recently reported that the Chinese Communist Party (CCP) is expanding use of so-called “golden shares.” Golden shares are a nominal financial ownership stake in a private company, say 1 percent, sold to a CCP state-owned organization. The organization purchasing the stake could be a local or provincial government organization or a state-owned investment group. Despite such small outlays, golden shares grant the CCP with a seat on the board and veto rights over key business decisions. With a golden share, the CCP has de facto control over companies. We can argue over the practical difficulties of managing so many private companies, but make no mistake, the CCP …