Xi Jinping’s True Intentions Behind the Redistribution of Wealth

News Analysis In recent years, Chinese leader Xi Jinping has gradually tightened control over private capital. State-owned enterprises took over countless private businesses amid a wave of bankruptcies and in a bid to redistribute wealth. During a conference with Chinese Communist Party (CCP) officials on Aug. 17, Xi called for “common prosperity” and redistribution of wealth of the private sector, which targets certain wealthy individuals and groups in China. On July 1, Xi delivered a speech at the centennial of the founding of the CCP. It’s noteworthy that Xi was dressed in a Mao suit, a style worn by former leader Mao Zedong. This made the outside world wonder if Xi is taking China back to the Mao’s era. The Chinese regime has also been stressing an open and reform policy, and support for the private sector. Chinese Premier Li Keqiang, for example, paid a visit to China’s southwestern Guangxi …

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