A regulatory blizzard: China's private-sector crackdown

THIS WEEK'S TOPIC: What impact, if any, will China's private-sector crackdown have on Singapore's businesses and economy?

Victor Mills Chief Executive Singapore International Chamber of Commerce

In the long term, there will be no significant negative impact. China and the party need the private sector to sustain economic growth and legitimacy respectively. In the short term, the speed of regulatory change has surprised and worried many as have moves to restrict what foreign system schools can teach. These regulatory moves are designed for control reasons and to defuse any threats to national security caused by unbridled corporate ambition and exuberant behaviour. They are also designed to rein in distasteful displays of wealth and to encourage the funding of programmes to help the less well off. This is socialism with Chinese characteristics.