From WSJopinion: President Xi Jinping is executing an economic pivot to the party and the state based on three driving forces: ideology, demographics and decoupling, writes MrKRudd
Something is happening in China that the West doesn’t understand. In recent months Beijing killed the country’s $120 billion private tutoring sector and slapped hefty fines on tech firms Tencent and Alibaba. Chinese executives have been summoned to the capitol to “self-rectify their misconduct” and billionaires have begun donating to charitable causes in what President Xi Jinping calls “tertiary income redistribution.” China’s top six technology stocks have lost more than $1.
Why would China, which has engaged in fierce economic competition with the West in recent years, suddenly turn on its own like this? While many in the U.S. and Europe may see this as a bewildering series of events, there is a common “red thread” linking all of it. Mr. Xi is executing an economic pivot to the party and the state based on three driving forces: ideology, demographics and decoupling.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Op-ed: Will China's President Xi’s big bet pay off?Chinese President Xi Jinping is making the most audacious geopolitical bet of the 21st century.
Read more »
How Marvel took over cinema and TVThe studio’s superheroes have vanquished bankruptcy, censorship and the competition | The Economist explains
Read more »
Christian Lindner’s FDP may soon return to government in GermanyPolling suggests that it will be difficult to form a coalition without the Free Democratic Party. That means Christian Lindner may soon be one of the most sought after in German politics
Read more »
Here's Why Your Period Might Be Shorter and Lighter Now Than It Was in Your TeensA doctor explains why your period might be getting shorter and lighter as you age.
Read more »
Is Being Green Sexy?Taking action to preserve the environment doesn't just benefit the Earth. Being green can also make people more attractive, to both men and women. Here's why.
Read more »
How bad are e-cigarettes for you?Not good, but better than smoking | The Economist explains
Read more »