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Hybrid capitalism is serving China well

What the West keeps missing when it maligns China's state-owned enterprises

| China
The entrance of Vanke Mall in Zhengzhou, pictured in November 2020: The fact that the company has been given more autonomy does not make it a private-sector entity.   © VCG/Getty Images

Joe Zhang is the author of "Party Man, Company Man: Is China's State Capitalism Doomed?" He was chief operating officer of state-owned enterprise Shenzhen Investment from 2006-08.

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