I read this news on CNN's website. Here's a quote from the news:
But it's also a tricky balancing act. While Chinese President Xi Jinping has long favored state-owned firms over private ones like Alibaba and Ant, analysts point out that those state companies are not nearly as adept at driving productivity and innovation as their publicly owned counterparts.
I think what it's trying to say is private companies are better in terms of driving productivity and innovation than state companies. But here in the news, it says 'those state companies' are not as adept as 'their publicly owned counterparts'. I looked 'state-owned company' and 'publicly owned company' up. As far as I could tell, they both mean companies owned by the goverment.So I'm confused as to whether this sentence is correct.
Thanks in advance for any help.