listing in Hong Kong in 2006. They funded their investments with as much debt as possible: “If you weren’t fully leveraged, you were falling behind. If you weren’t fully leveraged, you were stupid.”
But as ordinary people realised the extent to which government officials were collaborating with Party “princelings” and private companies to loot public resources, trust in China’s Communist Party plunged. Worried elders elevated Xi Jinping, who upon becoming president launched an anti-corruption campaign that purged the bureaucracy and made examples of a few famous miscreants.
Shum concludes that what once seemed the beginning of a tidal wave of reform was the peak of a high tide that is now receding. Basking in economic success, the CCP feels free to swat down entrepreneurs who know too much, like Duan, or talk too much, like Alibaba The private sector will not necessarily shrink. But as the Party takes golden shares in private companies, and parachutes bureaucrats onto their boards, the voices of entrepreneurs will be muffled. That comes at a cost. For example, Shum claimed he wanted to concentrate on building value at the Beijing airport logistics hub he had established. But as officials who had backed the project were swept up in Xi’s anti-corruption campaign, he sold out.
petesweeneypro Communist China. Deal with it at your own peril.
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