Thread by @modestproposal1

🚨🚨🚨 new @Lingling_Wei on Xi's ambitions just dropped 🚨🚨🚨 wsj.com/articles/xi-ji…

“Supervision over foreign capital will be strengthened,” said a person familiar with the thinking at China’s top markets regulator, “so it won’t be able to obtain ultra-high profits in China through monopoly and capital-market operations.”

"Before this year, Mr. Xi was distrustful of capital, but he had other priorities. Now, having consolidated power, he is putting the whole government behind his plans to make private business serve the state."

"Xi is fully in charge of the campaign instead of delegating details to Vice Premier Liu He, his chief economic adviser, as in the past. A central party office reporting directly to Xi has been sending out directives instructing ministries to take actions and coordinate policies"

"Mr. Liu, who faces retirement next year, had to offer a Mao-style self-criticism for not having stopped Didi from launching a $4.4 billion New York initial public offering in late June, according to people with knowledge of the matter."

"Underpinning Mr. Xi’s actions is an ideological preference rooted in Mao’s development theories, which call state capitalism a temporary phase that can help China’s economy catch up to the West before being replaced by socialism."