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Economy

Pressure on tycoons won't get Beijing all it wants

Funds kept bottled in China support speculative bubbles, not the real economy

| China
The Chinese government in June ordered state banks to restrict lending to Fosun International and other private conglomerates that spent heavily on overseas acquisitions in 2016.   © Reuters

"Follow our party, start your business," reads the command in English and Chinese cut into a steel cube that stands on one of its corners directly across the street from the corporate headquarters of internet company Tencent Holdings in Shenzhen.

The hollow sculpture, complete with a hammer-and-sickle emblem, serves as a reminder that no matter how successful a private business is in China's socialist economy, it cannot avoid interference from the government.

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