The End of a ‘Gilded Age’: China Is Bringing Business to Heel
The New York Times
Executives sit in jail, tech companies are being reined in and the biggest developer is teetering. It’s the beginning of a new era for China’s economy.
Chinese tech companies are reeling from regulation. Nervous creditors are hoping for a bailout for China’s largest developer. Growing numbers of executives are going to jail. An entire industry is shutting down.
For China’s leader, Xi Jinping, it’s all part of the plan.
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.
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