SHANGHAI : The regulatory storm that washed billions from Chinese corporate valuations in the name of curbing excesses exposes not only the policy risk under President Xi Jinping's increasingly activist tenure, but also the uncertainty over implementation.Xi's campaign to clamp down on industries ranging
SHANGHAI : The regulatory storm that washed billions from Chinese corporate valuations in the name of curbing excesses exposes not only the policy risk under President Xi Jinping's increasingly activist tenure, but also the uncertainty over implementation.
A popular saying when Xi's predecessor Hu Jintao was in power was:"Policies do not go beyond Zhongnanhai," the leadership compound in central Beijing. By comparison, the tougher-than-expected rules that have devastated the for-profit tutoring sector include specifics but first came to light in a document that circulated on social media for a day before they were confirmed by state media, sending share prices reeling.
"The flip side of having faster policy making is that there could be big surprises to stakeholders, and that polices may be made without considering the medium-term interests of the stakeholders."
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