[China Watch] Subsidy-Granting Beijing Shifts into Reverse: As Cash Dries Up, Corporate Support Pivots to Tax Clawbacks

[Government That Gave Money Now Collects It… The Reverse Rotation of the Growth Engine] The government-backed growth engine that supported the Chinese economy has begun turning in reverse. Local governments that spent decades nurturing enterprises with tax cuts, subsidies, cheap land, and policy financing are now re-examining past tax incentives and sending massive bills to corporations. The…