Xi doctrine comes before profit for China's state-owned companies

HONG KONG -- When Gao Dengbang, chairman of Anhui Conch Cement and its parent Conch Group, entertained Li Zhong -- head of his company's ultimate shareholder, the State-owned Assets Supervision and Administration Commission of Anhui Province -- on July 4, it was more than a simple business visit. Li's purpose, explained the company's official website, was not only to discuss Anhui Conch's financial performance, but to inspect how the company was conducting educational programs to support the new doctrines of Chinese President Xi Jinping.