The End of a ‘Gilded Age’
Article

The End of a ‘Gilded Age’

China Is Bringing Business to Heel

Paul Mozur
The New York Times, 2021
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Since the 1970s, China has emphasized economic growth above all else. Now President Xi Jinping is shifting gears to implement his vision of a “common prosperity” and national self-sufficiency, with control firmly in the hands of government officials. Crackdowns on entrepreneurs and private companies have begun, and businesses are scrambling to interpret the signals Beijing is sending about what changes may come next. Journalist Paul Mozur offers a solid overview of their impacts on China’s private sector and on the global economy.

Summary

China is shifting its economic priorities from growth to equity.

After decades of rapid economic development and a “grow at any cost” mentality, Chinese president Xi Jinping envisions a new, more equitable economy actively managed by the government. Its implementation involves fixing structural problems such as excessive debt, the wealth gap and foreign influence.

Regulations imposed in late 2021 have shaken up the technology sector. Corruption investigators have sent some corporate executives from a cross-cut of the economy to jail. Officials have left the overextended residential real estate industry on its own to struggle with debt payments. And business leaders are proclaiming their...

About the Author

Paul Mozur is a New York Times Asia technology and geopolitics correspondent.

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