Stock market_Is the U.S. stockmarket model suitable to China?

I am keeping an eye on China's stockmarket these days. It is really disappointing, or maybe interesting to someone, that many state-owned companies had a so-bad performance in the past years. A famous financial-academic-turned TV idol once said Chinese companies need to learn to be responsible to shareholders, instead of the government. But I guess it will be pretty hard, when most of the big companies are still owned by the government these days. Many CEOs of those companies still hold the position in the government, or wanna to hold such positions.

How a company be responsible to two entities at the same time? it is a hard question, which could decide China's future if some smart person answer it.