Wanjin is currently operating under an alternative form of public ownership—Nozawa has already toppled all the secondary lords within Wanjin's sphere of influence. In theory, the entire Chita Peninsula is his. He could even openly plunder and squeeze the blood out of everyone, but he doesn't do that—he just acts as a distributor of wealth. So, it's an alternative kind of public ownership.
Everything belongs to him, but he's willing to share it with others.
The Wanjin economy is dominated by the state sector, meaning the various workshops he personally established, but as a modern Chinese, you don't have to be a history buff to know that a country just can't rely on the state sector alone.
