The voice of the Communist party has defended the role of the state in China’s corporate sector, saying that government-owned companies are globally competitive and pay important dividends to the country.
In a front-page article about the “new look” of state-owned enterprises, the People’s Daily said they were the backbone of the Chinese economy and stronger than at any point in the past two decades.
Highlighting the debate under way over how China managed its companies, the article implicitly pushed back against Chinese officials and international institutions such as the World Bank that have called for market reforms to weaken government control of the energy, telecommunications and financial industries.
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