China's favored state-owned companies squeeze private sector
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China's state-owned enterprises have put pressure on the country's private sector, with the combined market capitalization of big private companies falling by about 60% in the two and a half years to the end of 2023. Many attribute this slump to China's tightening controls, including the zero-COVID policy and the clampdown on the tech industry.

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https://asia.nikkei.com/Business/Markets/China-s-favored-state-owned-companies-squeeze-private-sector