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" ... Third, if the government invests too much, it will squeeze out room for private-sector companies to survive, and China's economy would truly guo jin, min tui [state companies would thrive while private ones wither]. That will be trouble. During the last round [of Chinese government stimulus in 2009] 40 trillion yuan of support was provided to state-owned enterprises. For this ?[newest] round, you can see the situation isn't very good. The projects that have received accelerated approval by the National Development ;& Reform Commission are basically still for state-owned enterprises. When the economy isn't doing well, it's always SOE items [that receive government preference]. ... "