China needs to level the playing field between private and state owned firms, the Asian Development Bank's chief economist said on Thursday, adding that the world's second-largest economy risks "wasting a tonne of money" with a state-led growth model.
"If you just try to use brute force, spend your investment in a few companies that are not really facing a lot of competitive pressure, those policies, usually they often don't yield much return for your money," Albert Park told Reuters in his first trip to Beijing since COVID restrictions were lifted.
