Those graphs are interesting. How does state ownership grow that quickly over that short a time? Are they just pouring money into nationalising industries? Massively growing state ones? Seizing bad 'uns? All of the above?

Given the government has been pretty stable under Xi’s premiership for that whole period, it must be something circumstantial leading to that heel turn. My best guess is just the realisation that state companies are outcompeting global private ones at every turn now. Very welcome whatever the actual cause.

Also, funny article.

The authorities’ stance since 2020, including regulatory tightening and zero-COVID lockdowns, appear to have inflicted long-lasting damage to China’s private economy, the dynamism of which was a defining feature of its economic miracle in the past four decades. Nearly 20 months into China’s COVID reopening, the private sector has yet to bounce back, despite many pro-private business utterances and gestures from China’s leadership. In sum, the findings here corroborate the view that China continues to suffer from “economic long COVID.”

“The fact that China’s economy is significantly growing with unparalleled state ownership despite COVID, while the private sector withers, just shows how the private sector is the cause of China’s ‘economic miracle’ and that continued, consistent massive state-led economic success just shows how bad the economy now is!!”