Skip to content
Subscriber Only

How China Wants to Overhaul its $16 Trillion Corporate Monster

The Jiangsu Tieben Iron Co. Ltd. steel mill outside Changzhou in China's eastern Jiangsu province.
Photographer: Kevin Lee/Bloomberg

How do you dismantle a $16 trillion government behemoth that controls everything from nuclear power plants to tourism kiosks?

That’s the task facing Chinese President Xi Jinping as part of the biggest shake-up of state-run companies since the late 1990s, when millions lost their jobs as unprofitable units were sold or shuttered and bigger companies listed their best parts on the stock market.