These barriers did exist mostly as (mostly failed) measures against frauds, but it hasn't stop Pony Ma from founding Tencent and Jack Ma from founding Alibaba, both of them came from a very humble background. Also they have been eradicated away slowly over the last decade and has been accelerated in this administration since they can no longer rely on old businesses to drive growths. For example, you can file a personal LLC in China with no capital reserved requirements.
That is true theory, because China has not been practice communism but capitalism for the the last 30 years. Keep up with the change of the world and stuck with outdated American world view.
We're practically already China, in terms of how the government functionally operates.
No, we package our shits much better. They have propaganda departments; we have marketing departments. They are starting to learn political marketing from us, however.
On a paper submitted by a physicist colleague: "This isn't right. This isn't even wrong." -- Wolfgang Pauli