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Saturday, June 15, 2024

China Deregulates – Missed By Its Critics

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Graham Perry
Graham Perry
Experienced Arbitration Lawyer | China & Chinese Business Affairs | Public Speaker/Lecturer.

With the emphasis on US-China confrontation, many are missing the significant steps by China towards de-regulation.

China’s model of governance, as Edward Tse says in the South China Morning Post, combines “efficient top-down planning with a dynamic + innovative entrepreneurial class”. State-owned enterprises undertake major initiatives which provide the foundation on which private enterprises can innovate + grow.

De-regulation means that the policy requiring foreign carmakers to form joint-ventures with Chinese companies has been abolished. In financial services, BlackRock has the approval to set up a wholly-owned asset management business in China. PayPal has become the first third-party payment platform with 100% foreign ownership in China.

China always intended to open up to foreign investment but not overnight. China had to take it in steps in order to acquire the de-regulation experience to manage this very significant change.

So many people misunderstand China because they see China from a Western perspective. Big mistake. Let the scales fall from their eyes.

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