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Large private companies grow faster than the public sector

China’s private companies have faced a slew of regulatory restrictions in 2021. Tech giants like Alipay and DiDi were put in their place. For the most part, the new rules have made sense, as they were designed to prevent monopolies and cartels. In the real estate sector, they were intended to ensure that companies did not incur excessive debt and also to create affordable housing. The methods of implementation, however, were crude. And without much civil society debate, companies were confronted with a new set of rules virtually overnight. IPOs had to be canceled, and legal action was ruled out for the time being. Many observers saw the measures as part of a new trend toward more state power over the economy, just as the Xi Jinping era is generally considered synonymous with greater state dominance.

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