10.22.12
Seems familiar
On China’s growing pains toward becoming the world’s biggest economy:
[China] built up state-owned “national champions” in industries from oil and telecoms to steel and banking with monopolies, low-cost bank loans and other favors. Beijing’s huge stimulus after the 2008 global crisis flowed through state companies, increasing their dominance while entrepreneurs who generate China’s new jobs and wealth struggled.
The government defends the privileges given to its oil, telecoms and other major companies as necessary for building up Chinese global competitors. But entrepreneurs complain those companies abuse their control over essential resources such as energy, phone service and bank loans to gouge customers and pay their managers inflated salaries …