BEIJING -- China's state-owned enterprises are putting pressure on the country's previously dynamic private sector. The combined market capitalization of big private companies has fallen by about 60% in the two and a half years to the end of 2023, a study by a U.S. think tank has found.
Many market watchers believe China's tightening of controls, such as the zero-COVID policy and the clampdown on the tech industry, is responsible for the slump in the private sector.
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