, Columnist
China’s Imperial Growth Delusion Just Won’t Die
State enterprises are back in the ascendancy. Pity the private sector.
China’s drive to close polluting factories has favored large state-owned industrial groups.
Photographer: Kevin Frayer/Getty Images
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The big state-owned Chinese enterprise is back. But this time, it isn’t looking sturdy enough to prop up the economy.
As growth stumbles, Beijing is falling back on a tried and trusted solution: using large, government-backed companies to spur activity. That’s squeezing out private and small firms.