新一轮“国进民退”之殇

“4万亿投资计划中，绝大部分是政府推动的投资项目，近90％的项目被国有大中型企业拥有，民营企业几无参与。”

The State Advances as Private Industry Recedes

Now we're at the same point in the cycle after a few years of proliferation and can expect to see a big round of government directed consolidation again. Take the aircraft industry as an example, some private airlines' apparent collapse and the large subsidies provided to the big three state carriers, which are expected to report combined losses of nearly RMB10 billion this year, has led many in the industry to whisper about a government policy known as guo jin min tui, roughly translated as "the state adva...