Industrial Policy

I do see this version of industrial policy as being far more dangerous, because it's not about restrictions on entry. It's about free cash. What i see local governments are doing is that they are reinforcing the worst tendencies of chinese atosapeals who like free cash. Whereas before there was only cash if you broke chinese industrial policy. But now there's cash. I guess my view on it is that sote both versions of chinese and of central government industrial policy, ultimately what are bad for china. The first one was basically not implemented but the second one looks like it will be.