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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.

Fine-sounding words indeed that perhaps even support the claim that meaningful reforms will be enacted to reduce the role of the state and unleash the private sector. Sadly, that would be the wrong message to take away from recent weeks. Frankly, talk is cheap and it is actions that reflect intentions.

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