The Chinese President is not just trying to rein in a few big tech and other companies and show who is boss in China. He is trying to roll back China’s decadeslong evolution toward Western-style capitalism and put the country on a different path entirely, a close examination of Mr. Xi’s writings and his discussions with party officials, and interviews with people involved in policy making, show.
WSJ
Xi Jinping Aims to Rein In Chinese Capitalism, Hew to Mao’s Socialist Vision
Going well beyond curbing tech giants, he wants the Communist party to steer flows of money and set tighter limits on profit making, his speeches show and officials say. More turbulence for foreign businesses is likely.
In Mr. Xi’s opinion, private capital now has been allowed to run amok, menacing the party’s legitimacy, officials familiar with his priorities say. The Wall Street Journal examination shows he is trying forcefully to get China back to the vision of Mao Zedong, who saw capitalism as a transitory phase on the road to socialism.