China’s development under the Chinese Communist Party’s rule challenges the conventional understanding of the correlation between wealth and democracy that the more well-to-do a society, the more likely it will democratize and business owners will be driving such political changes. Despite the unprecedent growth and prosperity over the past decades, the authoritarian system has neither collapsed not embraced democracy. Instead, the one-party rule has remained stable and the business owners complacent, which invites the question of why China’s economic liberalization has not created a business class who are not advocates of political change. This chapter aims to answer this question by looking into the interactions between the party-state and private business owners. It argues that the state–business relationship in China is one of interdependence, where the business owners depend on the party-state for business success and the party-state depends on business owners for economic growth.