The brisk pace of globalisation coupled with China’s entry into the World Trade Organisation (WTO) in 2001 has heightened the international competition faced by Chinese market players.1 In turn, that increased competition has catalysed both regulation and measured liberalisation of China’s markets.2 However, the state’s interventionist role in market and corporate regulation remains dominant. For example, ownership reform has been closely guarded by the government due to ideological and social stability concerns,3 and the privatisation of large SOEs has never been promoted as a policy goal.4