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中国政府正在放弃与私营公司的公开争斗，而是在这些公司中持有少量股份，即所谓的 “黄金股”。这些股份给了政府董事会席位、投票权和对商业决策的影响，但公司几乎没有选择，只能接受这些股份以保持业务。
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黄金股的想法最初是在2013年的改革议程中提出的，目的是减少国家在经济中的作用。它的目的是让国家有能力将媒体和其他公司的多数股权让给私人投资者，而不完全失去控制权。
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政府持有的股份大多很小，例如北京的网络空间监督机构对阿里巴巴集团控股有限公司的数字媒体部门持有1%的股份。然而，它们使政府控制了中国一些最知名的公司和中国生活的数字基石。
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北京利用黄金股来影响中国领导人习 与商界的关系。
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最近的事件引起了商界的警觉，并使中国和美国之间的关系变得紧张。
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中国领导人邓小平在1970年代末扭转了党国控制的趋势，允许企业家蓬勃发展。
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这导致了党国和私营部门之间的模糊，导致政策制定者对中国公司采取限制性立场。
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最近边界不清的一个例子是美国在美国领空击落了一个中国气球，北京方面说这个气球是一家私营公司的，用于气象研究，而美国方面说这是中国军队使用的间谍工具。
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这一事件暴露了中国的私营公司、大学和中国人民解放军之间的相互作用，美国称这是高空间谍气球计划的基础。
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2012年习近平上台后，他试图在加强市场力量的同时，也加强党对权力的掌控。2020年底，他对科技公司发动了全面的监管攻击，以削弱其影响力。现在，中国政府已经表明，其对大型科技公司的打击正在减弱，并且正在确定一种介于积极鼓励和公开反对资本主义过度行为之间的方法。
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自2016年以来，中国当局一直在讨论收购网络媒体公司的股份，以换取扩张的许可。在过去的两年里，这种交易加快了速度。北京已经在美国上市的公司以及阿里巴巴和TikTok母公司字节跳动的子公司中持有少量股份，以获得影响力并监督科技巨头的发展。
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中国网络空间管理局也在与腾讯商谈投资子公司的事宜。一位接近腾讯的人士说，这种投资不会影响其全球业务。这种国与国之间的融合与美国的指控有关，即中国公司为俄罗斯在乌克兰的战争提供监控设备。
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黄金股已成为使公司与党的目标保持一致的工具，而不需要国家成为主要利益相关者。
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外国投资者担心与中国国家纠缠不清。
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由于监管部门的打击，中国的科技行业受到了限制。
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马云已经放弃了对三家公司的控制权，其中包括蚂蚁金服集团，其首次公开募股在2020年底被习主席阻止。
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网络空间管理局和国务院新闻办公室没有对评论请求作出回应。
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监管和国家干预的永久性上升已被确定下来。
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彼得森国际经济研究所高级研究员Martin Chorzempa表示，巨大的监管浪潮冲击中国科技行业的时期可能已经过去，但他们现在面临着监管和国家干预水平的永久性上升。
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中国著名的私营科技公司金融家包凡自2月以来一直被当局拘留，没有解释。
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拘留是对中国金融业进行的更广泛调查的一部分，重点是公司和监管机构之间的联系。
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习近平主席拥护党的绝对统治，并通过法律和法规来确保其获得私营公司收集的数据。
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政府还扩大了影响公司治理和决策的努力，将它们纳入一个庞大的社会信贷系统，并加紧推动它们建立党委。
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在上海和深圳上市的公司中，约有37%的公司已经修改了公司章程，正式确定了党委在公司内部的作用。
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黄金股也可以成为中国政府试图保护公司免受中美关系恶化影响的一种方式。
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在前总统唐纳德-特朗普让字节跳动放弃其美国TikTok业务的努力失败后，领导层利用金股来防止技术落入外国人手中。
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包凡被拘留给中国已经陷入困境的私营部门带来了寒意
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中国的网络空间监管机构已经获得了字节跳动主要中国实体北京斗鱼信息服务有限公司1%的股份。
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此举部分是为了确保政府对TikTok算法的命运有发言权，该视频分享应用的秘密公式是将内容引导给用户。
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ByteDance采取了 "特别管理股 "的安排，以获得其社交媒体应用程序的许可证，并改变了几个子公司的名称，以拉开母公司与旗下单位的距离。
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北京希望避免出售或转让算法，并从其监督数据安全和算法治理的部门任命了一名官员进入董事会。
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TikTok曾多次否认中国政府会获得其客户数据。
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北京已宣布2023年的增长目标为5%左右，并正在寻求支持私营部门的发展。
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ByteDance的主要中国子公司对母公司的全球业务没有投入，包括TikTok。
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北京目前正押注于解除严格的Covid限制后的经济反弹。
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中国政府希望确保其对TikTok算法的命运有发言权，并希望避免出售或转让该算法。
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习近平强调中国的制度比西式资本主义优越，并将国内的挑战归咎于美国主导的 “遏制、围剿和压制”。政府正在探索扩大或创建政府控制的企业集团的方法，以推动产业发展，"混合所有制改革 "的概念也被重新修订，允许国有企业吞并较小的私营企业。
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政府拥有20%至80%股份的混合所有制公司，现在占大陆上市公司总资本化的26%左右。1月，在毛泽东的家乡湘潭，监督国有资产的监管机构成为美好生活集团的实际控股股东。公司也在向政府出售较小的股份，称为黄金股，这使政府对其业务拥有很大的权力。
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中国网络安全监督机构提名进入字节跳动主要子公司董事会的董事对应用程序的内容有否决权，并可以对人事决定、薪酬方案和投资或资产剥离计划等企业问题进行投票。这在中国被视为正常业务。
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The Chinese government is moving away from a public battle with private companies and instead taking small stakes in them, known as “golden shares”. These stakes give the government board seats, voting power, and sway over business decisions, but companies have little choice but to accept them in order to stay in business.
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The idea of golden shares was originally proposed in 2013 in a reform agenda, with the intention of reducing the state’s role in the economy. It was meant to give the state the ability to give up majority ownership in media and other firms to private investors without fully losing control.
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The stakes taken by the government are mostly small, such as the 1% holding taken by Beijing’s cyberspace watchdog in the digital-media unit of Alibaba Group Holding Ltd. However, they give the government control over some of China’s most high-profile companies and digital cornerstones of Chinese life.
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Beijing has used golden shares to influence the relationship between Chinese leader Mr. Xi and the business sector.
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Recent events have raised alarm in the business community and strained ties between China and the U.S.
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Chinese leader Deng Xiaoping reversed the trend of party-state control in the late 1970s and allowed entrepreneurs to flourish.
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This has led to a blurring between the party-state and private sector, leading policy makers to take a restrictive position on Chinese companies.
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A recent example of the unclear boundaries was the U.S. shooting down a Chinese balloon over American airspace, which Beijing said was owned by a private company for weather research and the U.S. said was a spycraft used by the Chinese military.
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This incident exposed the interplay between China’s private companies, universities and the People’s Liberation of Army, which the U.S. claims is the basis for a high-altitude spy-balloon program.
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When Xi Jinping came to power in 2012, he sought to bolster market forces while also strengthening the party’s hold on power. In late 2020, he unleashed a sweeping regulatory assault on tech companies to diminish their reach. Beijing has now signaled that its clampdown on large tech companies is being wound down, and is settling into an approach between active encouragement and public battle against capitalist excesses.
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Chinese authorities have since 2016 discussed taking shares in online media companies in return for licenses to expand. Such transactions have sped up over the past two years. Beijing has taken small stakes in U.S.-listed companies and in subsidiaries of Alibaba and TikTok parent ByteDance Ltd. to gain influence and police the growth of tech behemoths.
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The Cyberspace Administration of China is also talking to Tencent about investing in a subsidiary. A person close to Tencent said such an investment wouldn’t affect its global business. This state-private fusion relates to U.S. allegations that Chinese companies are providing surveillance equipment to Russia for its war in Ukraine.
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Golden shares have become a tool to keep companies in line with party objectives without the need for the state to be a major stakeholder.
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Foreign investors worry about getting entangled with the Chinese state.
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Chinese tech sectors have been restrained due to regulatory crackdown.
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Jack Ma has ceded control over three companies, including Ant Group, whose initial public offering was blocked by President Xi in late 2020.
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Cyberspace Administration and State Council Information office didn’t respond to requests for comment.
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Permanent rise in regulation and state intervention has been set in place.
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Martin Chorzempa, a senior fellow at the Peterson Institute for International Economics, stated that the period of huge regulatory waves crashing over China’s tech sector may be over, but they now face a permanent rise in the level of regulation and state intervention.
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Bao Fan, a prominent Chinese financier for private tech companies, has been detained by authorities since February without explanation
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The detention is part of a broader probe of China’s financial sector focused on links between companies and regulators
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President Xi has embraced absolute party rule and adopted laws and regulations to ensure its access to data collected by private companies
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The government has also expanded efforts to influence companies’ corporate governance and decision-making, integrated them into a vast social-credit system and stepped up prodding that they set up party committees
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About 37% of companies listed in Shanghai and Shenzhen have amended their charters to formalize the role of party committees inside the companies
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Golden shares can also be a way for Beijing to try to protect companies from the fallout of deteriorating U.S.-China relations
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Following former President Donald Trump’s failed effort to get ByteDance to shed its U.S. TikTok business, the leadership used golden shares to prevent technology from falling into foreign hands
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The detention of Bao Fan has cast a chill through the country’s already-beleaguered private sector
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China’s cyberspace regulator has taken a 1% stake in ByteDance’s main Chinese entity, Beijing Douyin Information Service Co.
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This move was partly intended to ensure the government had a say in the fate of TikTok’s algorithm, the video-sharing app’s secret formula for steering content to users.
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ByteDance has adopted a “special management share” arrangement to obtain the licenses for its social-media apps and has changed the name of several subsidiaries to distance the parent company from its units.
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Beijing wants to avoid a sale or transfer of the algorithm and has appointed an official from its bureau overseeing data security and algorithm governance to the board.
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TikTok has repeatedly denied that the Chinese government would ever get access to its customer data.
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Beijing has announced a 2023 growth target of around 5% and is looking to bolster the private sector.
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ByteDance’s main Chinese subsidiary does not have input in the parent’s global operations, including TikTok.
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Beijing is currently betting on an economic rebound following the lifting of its severe Covid restrictions.
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The Chinese government is looking to ensure it has a say in the fate of TikTok’s algorithm and wants to avoid a sale or transfer of the algorithm.
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Mr. Xi has emphasized the superiority of the Chinese system over Western-style capitalism and has blamed U.S.-led “containment, encirclement and suppression” for challenges at home. The government is exploring ways to bulk up or create government-controlled conglomerates to advance industries, and the concept of “mixed-ownership reform” has been refashioned to allow state companies to gobble up smaller private ones.
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Hybrid-ownership companies, with the government owning between 20% and 80%, now represent about 26% of the total capitalization of mainland-listed companies. In January, the regulator overseeing state assets in Mao’s hometown of Xiangtan became the de facto controlling stakeholder in Better Life Group. Companies are also selling the government smaller stakes called golden shares, which give the government a lot of power over their businesses.
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The director whom China’s cybersecurity watchdog named to the board of ByteDance’s main subsidiary has veto rights over content on apps and can vote on corporate issues such as personnel decisions, compensation packages and investment or divestiture plans. This is seen as normal business in China.
链接：Xi Jinping’s Subtle Strategy to Control China’s Biggest Companies - WSJ