Over the last two years, China has cracked down on some of its most successful companies, including Alibaba, Tencent, Didi, and Meituan-Dianping. Starting in 2018, the authorities have also restructured many of China’s largest conglomerates such as the Wanda and Evergrande groups. The conclusion many have drawn is that China’s decades long embrace of markets and private enterprise is coming to an end.
Yet over the same period, China has also quietly enacted a large number of business-frie
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