China’s Communist party is moving to tighten its grip on state-owned enterprises, reversing nearly two decades of attempts to remodel them along the lines of western corporations.
The push, outlined in state media articles and party documents, comes amid a tightening of controls over civil society, the military and media as President Xi Jinping seeks to consolidate power within the party.
By giving greater power to party cells within every SOE, the new direction undermines efforts to establish boards of directors to push them to make decisions based on market conditions, profitability and hard budget constraints.
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