Tuesday, September 21, 2021

g-f(2)507 THE BIG PICTURE OF THE DIGITAL AGE (9/21/2021), WSJ, Xi Jinping Aims to Rein In Chinese Capitalism, Hew to Mao’s Socialist Vision


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Alert, Xi Jinping Aims to Rein In Chinese Capitalism, Hew to Mao’s Socialist Vision, WSJ
    • For most of the 40 years after Deng Xiaoping first unleashed economic reforms in China, Communist Party leaders gave market forces wider room to flourish. That opening helped lift hundreds of millions of people out of poverty and created trillions of dollars in wealth, but also led to rampant corruption and eroded the ideological basis for continued Communist rule.
    Risk, Potential suppression of the entrepreneurial energy, WSJ
    • The big risk for China and Mr. Xi is that the push winds up suppressing much of the entrepreneurial energy that has powered China’s boom and years of innovation.

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    Alert, China back to the vision of Mao Zedong, WSJ
    • 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.
    • Mr. Xi isn’t planning to eradicate market forces, the Journal examination indicates. But he appears to want a state in which the party does more to steer flows of money, sets tighter parameters for entrepreneurs and investors and their ability to make profits, and exercises even more control over the economy than now. In essence, this suggests that he aims to rewrite the rules of business in what could someday be the world’s biggest economy.
    Lesson learned, His popularity among the party’s original base, the working class and rural poor, appears to be growing, WSJ
    • As Mr. Xi clamps down on capital, his popularity among the party’s original base, the working class and rural poor, appears to be growing, thanks to his initiatives to fight corruption and poverty.
    Alert, Mr. Xi has signaled plans to go much further, WSJ
    • Mr. Xi’s overhaul has generated more than 100 regulatory actions, government directives and policy changes since late last year, according to a Journal tally, including steps aimed at breaking the market dominance of companies such as e-commerce behemoth Alibaba Group Holding Ltd., conglomerate Tencent Holdings Ltd. and ride-sharing leader Didi Global Inc.
    • The government’s recent measures to tame housing prices are worsening a cash crunch at China Evergrande Group , a heavily indebted real-estate developer, sending chills across global markets. Beijing is unlikely to bail out Evergrande the way it has rescued many state firms, analysts say, and could further tighten the regulatory screws on other private developers.
    • Mr. Xi has signaled plans to go much further. During a leadership meeting in August, he emphasized a goal of “common prosperity,” which calls for a more equal distribution of wealth. This would be achieved in part through more government intervention in the economy and more steps to get the rich to share the fruits of their success.


    Some relevant characteristics of this "genioux fact"

    • Category 2: The Big Picture of the Digital Age
    • [genioux fact deduced or extracted from WSJ]
    • This is a “genioux fact fast solution.”
    • Tag Opportunities those travelling at high speed on GKPath
    • Type of essential knowledge of this “genioux fact”: Essential Analyzed Knowledge (EAK).
    • Type of validity of the "genioux fact". 

      • Inherited from sources + Supported by the knowledge of one or more experts.


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    ABOUT THE AUTHORS


    Lingling Wei


    Lingling Wei is the chief China correspondent for The Wall Street Journal and co-author of “Superpower Showdown.” She covers China's political economy, focusing on the intersection of business and politics. Born and raised in China, she has a M.A. in journalism from N.Y.U., got her start covering U.S. real estate, and has won many awards for her China coverage. In 2021, she's among a team of reporters and editors whose work was a Pulitzer Prize finalist. Follow her on Twitter: @Lingling_Wei  



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