This has happened before
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... privatized some public services which had been previously provided by the government, especially social and labor-related services

The leadership believed that “private property itself provided important incentives to achieve greater cost consciousness, efficiency gains, and technical progress"

The government developed a partnership with leading business interests.

... industries were privatized en masse. Several banks, shipyards, railway lines, shipping lines, welfare organizations, and more were privatized

The government took the stance that enterprises should be in private hands wherever possible

The government also sold a number of companies, and enhanced private utilities at the expense of municipally owned utilities companies

However, the privatization was applied within a framework of increasing control of the state over the whole economy through regulation and political interference,

... private companies would be protected and privileged as long as they supported the economic goals of the government