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
His campaign is remarkable for its scope and ambition. It started to rumble in 2020, when officials blocked the initial public offering of Ant Group, an affiliate of Alibaba, a tech giant. It is thundering onward, having so far destroyed perhaps $2trn of wealth. Didi, a ride-hailing outfit, has been punished for listing its shares in America. Evergrande, an indebted property developer, is being driven towards default.
Mr Xi is tackling real problems—indeed, many of them have parallels in the West. One is inequality. The slogan of the moment is “common prosperity”, reflecting how Communist China remains as unequal as some capitalist countries. The top 20% of China’s households take home over 45% of the country’s disposable income; the top 1% own over. Another concern is the clout of tech giants accused of unfair competition, corrupting society and having unfettered access to personal data .
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.
In politics the danger is that Mr Xi’s campaign degenerates into a cult of personality. To bring about change, he has grabbed more power than any leader since Mao Zedong. As he prepares to break with protocol at the Communist Party’s 20th congress next year by claiming a third five-year presidential term, he is using the campaign to organise a huge turnover in personnel, as the basis for an ideological crackdown and as the reason why he should remain at the helm. Each of these contains dangers.
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