China's Self-Destructive Tech Takedown
China’s leaders think that they can crack down on the country’s private technology sector and still deliver material progress as state-owned companies take over. But by reversing the policies that enabled decades of rapid growth, they risk imperiling the unique economic model they seek to sustain.
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WASHINGTON, DC – Global equity markets appear transfixed by the Chinese property developer Evergrande, which seems poised to default on part of its massive $300 billion debt as the country’s real estate market cools. Investors are right to be alarmed. China’s property sector accounts for almost 30% of GDP, and there is a well-established link between housing busts and deep recessions.