A worker operates a furnace at a steel plant in Hefei, Anhui province. Interregional competition has fuelled China’s economic dynamism but also led to overcapacity, pollution and high local government debt. Photo: Reuters

Take China’s SOEs out of local government control to halt the zombie firm epidemic

Winston Mok says management of state-owned enterprises should never have been decentralised, as local bosses’ reckless pursuit of growth over profitability lies behind the malaise

Topic |   China economy

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A worker operates a furnace at a steel plant in Hefei, Anhui province. Interregional competition has fuelled China’s economic dynamism but also led to overcapacity, pollution and high local government debt. Photo: Reuters
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