China is ignoring the US by reinforcing state-directed economic model
A key demand by US President Donald Trump during trade war negotiations is for reforms of state-owned enterprises in China
This via the South China Morning Post on moves in China to strengthen its state-directed economic model
- State-owned Assets Supervision and Administration Commission (SASAC), which directly supervises more than 50 trillion yuan (US$7.3 trillion) of state assets, announced that China Poly Group, one of the industrial giants under its scope of influence, would absorb China Silk Corporation as part of a government restructuring plan.
- In the first half of this year, controlling stakes in at least four listed firms, including Hainan Strait Shipping and Maanshan Iron & Steel, have been shifted from local governments to the SASAC.