The real picture on China's state-owned enterprises

It's time to really debunk the myths on China. Its state-owned enterprises are inefficient, but they still dominate the key sectors.

Last week, Business Spectator carried an article by Nicholas Lardy from the Petersen Institute for International Economics entitled Debunking four myths about the Chinese economy.

Lardy is a leading expert on the Chinese economy and someone whose work this author has found enormously useful. In this column, the intention is not to disagree with Lardy's arguments when it comes to the facts presented but to place a different interpretation on them and come up with some different conclusions.

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