The state-owned enterprises reach beyond China’s borders.
Chinese state-owned enterprise State Grid paid 2 billion Euro for a 35-percent stake in Italian energy company CDP Reti in 2014. Then-Italian Prime Minister Matteo Renzi (center, standing) with then-State Grid Chairman Liu Zhenya (center left, sitting) at the celebratory signing. Credit: Italy’s Palazzo Chigi, Creative Commons
China’s State-owned Assets Supervision and Administration Commission (SASAC) is perhaps the world’s most powerful business manager. With trillions of dollars in assets under its watch, this government body has oversight over 96 of the country’s biggest state-owned enterprises, including China’s oil majors, its telecommunications giants and its colossal chemical and shipbuilding operations.
SASAC was set up in 2003, to assume control of state firms from various state ministries and com
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How did the late premier convince local governments to surrender fiscal revenues to Beijing? In an extract from his recent book, Authoritarian Markets, Adam Y. Liu explains how Zhu played his trump card — letting local governments set up their own banks.
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