, Columnist
China Takes Away the Punch Bowl
Controlling offshore investments makes sense. That doesn't mean it's smart.
On the block?
Photographer: Spencer Platt/Getty ImagesThis article is for subscribers only.
Given how opaque decision-making in China can be, it’s tempting to see all manner of conspiracies behind the government’s recent crackdown on companies that have expanded rapidly abroad. In fact, the reasoning behind the campaign is straightforward. The real problem is that it’s likely to damage China in the long run.
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