Xi Jinping, long distrustful of the private sector, is bringing it to heel. China’s most powerful leader in decades wants greater state control in the economy, with private firms expected to fall in line. "No choice but to follow the party."

 

In China, “mixed-ownership reform" encouraged private capital to invest in state firms, bringing more private-sector acumen to China’s bloated state-owned enterprises. Now, under Xi, the process often works the other way around.https://t.co/0qbuYQvir6

— Jonathan Cheng (@JChengWSJ) December 11, 2020