An extremely large state with enough powerful players and market share that it has maintained an exceptional degree of independence compared to others. Still an indentured state, but large debtholders have a sway all their own.
This is not to say that the PRC isn’t as infiltrated by private interests as other states - just that if any tail in the ULISIS can wag the dog, this is the one.
They also have a highly diversified set of corporate stakes - unlike microstates that are often wholly leveraged by one corp.