An Emboldened Xi Remakes China’s Business World in His Image

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uncledad
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An Emboldened Xi Remakes China’s Business World in His Image

Unread post by uncledad »

Under Mr. Xi, China is reshaping how business works and limiting executives’ power. Long in coming, but rapid in execution, the policies are driven by a desire for state control and self-reliance as well as concerns about debt, inequality and influence by foreign countries, including the United States.

In one week alone last month, creditors fretted about the fate of China’s largest developer, Evergrande, with no word from officials about a bailout; the central bank announced that all transactions involving unapproved cryptocurrencies would be illegal; and the authorities detained the top two executives at HNA Group, an indebted logistics and transportation conglomerate, and sentenced the chairman of Kweichow Moutai Group, a high-end liquor company, to life in prison for taking bribes.

Shockwaves have been felt across China’s economy, the world’s second largest. Analysts argue that some measures, such as reducing debt and curbing anticompetitive behavior among internet platforms, have long been needed.

But they worry that the new policies could hurt competitiveness and favor the inefficient, monopoly-dominated state sector, which Beijing has long avoided reforming.

Companies focused on the consumer internet have lost the protections they once enjoyed. Instead, the government is focused on a push for national self-reliance, countenancing big bets on bleeding-edge technology, partly in response to United States policies that cut off access to key components like microchips.

Officials have heavily subsidized manufacturers of semiconductors, commercial aircraft, electric cars and other products.

https://nyti.ms/2Yqc4mu
Baron
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Re: An Emboldened Xi Remakes China’s Business World in His Image

Unread post by Baron »

uncledad wrote: October 6th, 2021, 3:35 pm
But they worry that the new policies could hurt competitiveness and favor the inefficient, monopoly-dominated state sector, which Beijing has long avoided reforming.
UncleDad,

Xi's predecessors. Jiang and Hu, were diminishing the size and roles of the State Owned Enterprises (SOEs) by moving their efforts to private companies. Xi has reversed that process. In the longer run, I think he is harming China's competitive position, but in the shorter run it gives him more control. I guess we know which he prefers.

Regards,
Baron
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