China’s Entrepreneurs Squirm Under Xi’s Tightening Grip [The New York Times]
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Source: The New York Times
“They are getting nervous about how powerful these companies are becoming,” said Gary Rieschel, founder of Qiming Venture Partners, a Seattle-based venture capital company that invests in Chinese start-ups. Citing China’s two biggest internet companies, he added, “You look at the most valuable companies in the world, and after Amazon, Google and Facebook, you then have Tencent and Alibaba .” China is showing signs that it is aware of unease in the private sector, which could become a problem as the country looks for new ways to grow . In an unusual move in September, China’s top leaders sought to assure entrepreneurs that it would support and protect their rights, a statement that cheered Mr. Guo. “The central government’s policy is very positive,” Mr. Guo said. “But what is key is the issue of enforcement. The gap between the central government and local governments is still quite large.” The government has also made it easier for small businesses to get loans and step
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