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.
Markets
China's favored state-owned companies squeeze private sector
Market cap of private concerns drops 60% in two and a half years, study finds
The combined market value of tech platform operators such as Alibaba and Tencent has fallen by 50% to 70% since June 2021. (Photo by Tomoko Wakasugi)
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