China is embarking on a new wave of privatisation but efforts to streamline the bloated state sector will face formidable opposition from those who have grown fat on the old growth model.
The agency responsible for managing 115 of the largest state-owned enterprises released a plan last month for reforms to be tested on six groups.
The pilot plan from the State-owned Assets Supervision and Administration Commission (Sasac) followed proposals from dozens of local governments, including Beijing, Shanghai and Guangdong. Yet the cautious nature of the plan only highlighted the political challenge facing the reform effort.
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