These included plans to level the playing field between private firms and state-owned enterprises, and to make it easier for private firms to both borrow and collect payments from governments and state-owned enterprises. Not surprisingly, China’s private sector – which is responsible for about 60 per cent of China’s total output and 80 per cent of urban employment – responded with considerable scepticism to Beijing’s latest peace offering. After all, Beijing has previously made similar pledges to reduce the competitive advantages enjoyed by state-owned enterprises, without following through. Jack Ma was swiftly punished for criticising Chinese regulators. Dave Marco What’s...