The Chinese Communist party’s feared anti-corruption watchdog has joined the government’s campaign to shutter lossmaking factories, as the authorities resort to heavy-handed tactics to force through painful restructuring.
Curbing excess production capacity is central to Beijing’s efforts to reverse years of agonising deflation and financial losses by “zombie” companies.
Yet closing factories requires sacrificing economic growth and local tax revenue while also shouldering the social-welfare burden from laid-off workers.
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