The regulatory storm has unnerved many investors, wiping more than $1 trillion off the value of China tech stocks. At its core is President Xi Jinping’s drive for so-called ‘’common prosperity,’’ a campaign to redress chronic inequality across China that is collateral damage from more than four decades of breakneck economic growth. The commentary follows a swingeing crackdown on everything from big tech companies to private tutoring firms, gaming, and housing prices. While it reiterated earlier official comments that the regulatory crackdown doesn’t mean China will kill the rich to help the poor, the commentary warned that markets ”will no longer be a paradise for capitalists.’’
“All those who block this people-centred change will be discarded.’’ “This is a political change, and the people are becoming the main body of this change again,’’ said the commentary, widely publicised by state-media outlets. China’s regulatory crackdown is a “profound revolution’’ that returns the nation to the original purpose of its ruling Communist Party as it shifts policy to prioritise socialism over capitalism, a commentary in state-run media said.
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