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Xi Jinping’s Ruthless March Toward “Common Prosperity”

Part II: The roots of Xi Jinping's "common prosperity" vision and why he's making changes to China's technology sector now

In my previous article we looked at the sweeping crackdown of China’s technology sector, beginning with Jack Ma and Ant Financial, and how this is part of Xi Jinping’s goal of “common prosperity.” While corruption and debt excesses needed to be reined in and people wanted better data privacy protections, Xi’s common prosperity initiative is also about concentrating power, redistributing wealth, and controlling the unpredictable market. In this article we’ll look at the roots of common prosperity and why analysts believe Xi is making these changes now. Appealing to the Working Class In his speech celebrating the hundredth anniversary of the founding of the Communist Party in China, Xi said that the Party will make “notable and substantive progress toward achieving well-rounded human…