Norinco is China's third-largest manufacturer, and the sanctions could cost the company up to $100 million in lost business in the United States, through such retailers as Wal-Mart and Kmart. Norinco makes some 4,000 products ranging from toys to short-range ballistic missiles, according to U.S. officials. Since it was formed in 1980, Norinco has had about $25 billion of import and export business.
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PLA-Affiliated Companies
One of the primary challenges in identifying "bad actors" in China is navigating successfully the intricate web of affiliates, subsidiaries and financial flows that are integral to the Chinese economy. (See Appendix 1.) For example, despite a well-advertised campaign by the Chinese government calling for the divestment of businesses owned and operated by the country's military apparatus in 1998, it is still believed that the PRC possesses an impressive network of companies with military connections that merit additional scrutiny before being taken into U.S. investor portfolios.97 According to a 1997 AFL-CIO report,
"While the true extent of military commercialization in the PRC - including PLA-non-military enterprises as well as defense industry operations - is difficult to discern, estimates suggest that China's commercial-military complex has some 50,000 companies employing as many as two million people. In 1993, these companies are thought to have earned more than $5 billion. Taken as a whole, the combined earnings of these activities would place China's s commercial-military operations among the ranks of the top 100 corporations of the Fortune 500...
Basically the PLA has a whole big network of businesses (which they call "private"). A few years back the PLA came out in some big tadoo about 'getting out of business' in response to serious criticism about corruption etc.
Essentially though these companies are in a huge network and many of them are partnered with foreign corporations. They make anything from toys to TVs to missiles and guns. In Chinese definitions though 50% govt owned means "private".