Once of the hallmarks of Xi’s China is the lack of political penetration into big business. They are still there but passive and removed from most of the business. This was a few executives with a massive ego for their ability to finance and build shit, except they didn’t know how to finance and build shit - so it was a bunch of new guys proud that they could do their job. When shit hit the fan, no one knew how to do basic business like pay back loans or not borrow more money. China really only participated by giving money to someone they thought knew what they were doing.
China does force large corporations to have party members as board members. Except that these party members might not know enough of business and finance to materially influence anything. Plus, when things are going well, why spoil the feast by bringing up risks and required controls? Better ride the wave and try to get promoted for business leadership excellence!
Once of the hallmarks of Xi’s China is the lack of political penetration into big business. They are still there but passive and removed from most of the business. This was a few executives with a massive ego for their ability to finance and build shit, except they didn’t know how to finance and build shit - so it was a bunch of new guys proud that they could do their job. When shit hit the fan, no one knew how to do basic business like pay back loans or not borrow more money. China really only participated by giving money to someone they thought knew what they were doing.
China does force large corporations to have party members as board members. Except that these party members might not know enough of business and finance to materially influence anything. Plus, when things are going well, why spoil the feast by bringing up risks and required controls? Better ride the wave and try to get promoted for business leadership excellence!