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Joseph C. Sternberg
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Joseph C. Sternberg
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@josephsternberg
joseph.sternberg@wsj.com
July 29, 2021 1:26 pm ET
The central business district in Beijing, June 15.
Photo:
wu hong/Shutterstock
Wall Street this week received a shock lesson in “capitalism with Chinese characteristics,” as Beijing’s preferred market setup is often described. The shares of many Chinese companies listed in New York and other foreign markets plummeted because it turns out that model never involved much actual capitalism.
Ostensibly the thing that set markets reeling was a raft of new regulations for China’s burgeoning . . . online tutoring market? It sounds ridiculous that …
