It's basically modified form of communist centralized control of the economy and closer to feudalism than it is American style crony capitalism and regulatory capture.

Although I can see how someone could mistake the two, the former is far more obvious form of corruption, while the latter is wrapped in language like 'saving local x industries against foreign competition' or well intentioned liberal equalization that always somehow ends up benefiting the politically well connected over the wider society, trading one problem for worse ones.