Chinese prosecutors are dropping criminal charges against business owners in a desperate effort to rescue the country’s ailing private sector.
The decision to offer private sector executives immunity from punishment for criminal activities, including assault, hints at the extent to which Beijing is prepared to go to help companies grappling with one of the country’s worst debt crises.
In the past decade, there have been a record number of bond defaults while economic growth fell to a 30-year low in the third quarter of this year.
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