China is pushing a fresh round of state-owned enterprise privatisation, but local governments’ efforts to spin cash out of the debt-addled state champions will prove a harder sell than the pioneering privatisations of nearly two decades ago.
Then, under the slogan of “Grasp the large, release the small”, thousands of poorly performing national and regional SOEs were privatised or liquidated. The stronger were restructured or partially listed on the stock market, raising hundreds of billions of dollars.
That changed after 2003, when Beijing became reluctant to ditch weak SOEs.
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