The new Chinese law regarding the bankruptcies of state owned enterprises is a major move. Effectively, creditors now have top priority in liquidation moves, as distinct from the old ‘state nanny’ which was committed to paying off the workers first and then the creditors. This is not just a legal change, nor even a work practice change - it means a radically different mindset and a commitment to vigorously compete within the world economy. Story here.
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