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Chinese private companies are an illusion

Crackdown on foreign deals underscores extent of Beijing's grip

| China
The Waldorf Astoria New York was sold to Chinese insurer Anbang Insurance in 2014. Anbang has been targeted by Beijing in its clampdown on financial risk.

The Chinese Communist Party brought some cheer to entrepreneurs in early October when for the first time it hailed the importance of the "entrepreneurial spirit" for the growth of the economy.

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