MICHAEL SCHUMAN: When comrades become capitalists
'Karl Marx must be spinning in his grave. Communist parties were meant to overthrow capitalists, not help them get rich'
As it heads into a major leadership transition, China is attempting a strange breed of corporate reform. Rather than privatizing state-owned enterprises outright, the government is testing whether selling minority stakes to private investors may improve their performance. Meanwhile, state companies are busy revising their governing laws to give the Communist Party more control over management. The goals of these clauses include ensuring that apparatchiks hold greater sway over key corporate decisions and, according to a recent article in a Communist Party-run newspaper, “creating more returns for shareholders.”
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.