ArticleMarch 25, 2019
A blog post by a self-styled financial veteran knocked the wind out of the Chinese business community recently. The author, Wu Xiaoping, argued that the country’s private firms should step aside and allow the state to increase its dominance of the economy. The private sector has “fulfilled its task of assisting the state-owned economy in achieving its rapid development,” Wu wrote. The article went viral on social media, sparking criticism from entrepreneurs and support from left-wing commenters. Under normal circumstances, a blog by an obscure middle manager would never garner so much attention. But Wu’s post touched a nerve. These are tough times for private firms.
