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essay series.
One of the most pressing challenges the Biden administration will face is how to compete with, and push back against, China’s increasingly powerful and disruptive state capitalist system, which not only threatens U.S. economic and strategic interests, but also undermines the regulatory and legal architecture that underpins the global economy.
The problem is daunting. China now has more companies on the Fortune Global 500 list than does the United States (124 versus 121), with nearly 75 percent of these being state-owned enterprises (SOEs). Three of the world’s five largest companies are Chinese (Sinopec Group, State Grid, and China National Petroleum). China’s largest SOEs hold dominant market positions in many of the most critical and strategic industries, from energy to shipping to rare earths. According to Freeman Chair calculations, the combined assets for China’s 96 largest SOEs total more than $63 trillion, an amount equivalent to nearly 80 percent o