Li | Rongrong Model

: A unit series for Guangdong TV where she played a leading role. Influencer and Commercial Presence

Despite the introduction of boards, the fundamental agency problem remained: the separation of ownership (SASAC) and management was often blurred. Executives retained administrative ranks (Vice-Minister level), meaning political incentives often outweighed commercial ones. The "investor absence" issue—where the state owner was effectively an abstract concept—led to inefficiencies in capital allocation despite improved profitability. li rongrong model