Anything requiring advanced cooperation, especially from the gov, is doomed to fail in China, the system has no check and balance, anyone is looking to monetize

Anything requiring advanced cooperation, especially from the gov, is doomed to fail in China, the system has no check and balance, anyone is looking to monetize their authority, the stock market literally was set up coz SOEs needed to offload their junk assets, it was not meant to be seriously policed from the very start.