The share of China’s private sector among the country’s 100 largest listed companies, measured by aggregate market capitalization in the half-yearly PIIE tracker, continued to decline through 2023. It dropped from 38.1 percent in mid-2023 to 36.8 percent at the end of 2023, extending a nonstop slide since its mid-2021 peak of 55.4 percent. The private sector is defined restrictively as firms with less than 10 percent state ownership. Meanwhile, the share of the state sector, including both mixed-ownership enterprises (MOEs), in which the state owns between 10 and 50 percent, and majority-…
