China had laws on private ownership even in the Mao era. Conversely, worker's communes and state owned enterprises are still around.
Huawei, objectively one of the most successful companies in the world, is a
worker's commune owned by the employees and doesn't even have a fixed CEO (
they have a rotating CEO council).
Hair is another example: it is one of the most successful companies in the world, is a
worker's commune, has a rotating corporate presidency and its
innovative employee self management model was even featured on
Harvard Business Review as an example of the success nonhierarchical management.
In contrast to what you may have been conditioned to believe, employees don't require either whips on their backs or the threat of starvation to perform. Giving workers a stake in corporate success - which is not capitalist, as in capitalism only the owners and shareholders have a stake in corporate success - generally leads to high operational performance, as proven by Huawei and Haier. Capitalists are just as likely to cut jobs and sell corporate assets for a quick payout and then invest that shit in Bitcoin as they are to build corporate operational excellence.