Any commercial entity that operates there must grant 51% (controlling interest) of their company to the government.
The only reason my friend can do business there at all is because he married a woman who has family connections to the CCP. But they still made him sign over 51%. (He formed a LLC for the portion of his business that operates over there. He's in hospitality, not manufacturing.)
I have a friend who does business in China.
There is no such thing as "private business."
Any commercial entity that operates there must grant 51% (controlling interest) of their company to the government.
The only reason my friend can do business there at all is because he married a woman who has family connections to the CCP. But they still made him sign over 51%. (He formed a LLC for the portion of his business that operates over there. He's in hospitality, not manufacturing.)