The collapse of Chinese share values this year has been extreme; at Tuesday’s close the worst-performing major exchanges in the world after Russia were in China. The war in Ukraine is one factor, but more damage has been done by bureaucrats pushing social and security agendas at the expense of private companies, ranging from education to video games to streaming video.
Some agencies have encroached on ground once reserved for securities regulators. The Cyberspace Administration of China, for example, once focused on censoring content and fighting internet addiction, now gets to effectively veto some overseas listings
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