Xi Jinping in The Economist

On Corporations: Purge capitalist excess; business must heed state guidance

Xi Jinping is waging a campaign to purge China of capitalist excesses. China's president sees surging debt as the poisonous fruit of financial speculation and billionaires as a mockery of Marxism. Businesses must heed state guidance. The party must permeate every area of national life.

The crackdowns are also making business harder and less rewarding. The party had been creating a regulatory and legal framework, but Mr Xi is imposing big top-down changes so fast that regulation has started to seem arbitrary. Consider, for example, "tertiary redistribution", in which shamed tech companies hand over cash to the state in an attempt to redeem themselves.

Source: The Economist on Foreign Influences: "Rife with Danger" Oct 2, 2021

On Principles & Values: Moral review councils use public shaming for enforcement

[On "China's New Reality"]: "Moral review councils" and "moral clinics" are enforcing orthodox behaviour using public shaming. Although there is as yet no prospect of anything as awful as the Cultural Revolution, Chinese people are becoming less free to think and talk. As well as promoting his own doctrines, Mr Xi has played up Red nostalgia and cast Maoism as a vital stage in building a New China, broadening his support before the party congress. Source: The Economist on Foreign Influences: "Rife with Danger" Oct 2, 2021

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