Thread by @neilthomas123

Front page People's Daily commentary declares three "things that have not changed"

1. Status & role of private economy

2. Policy of encouraging, supporting & guiding private economy

3. Policy of favorable environment & more opportunities for development of private economy

The three "things that have not changed" are specifically highlighted on the Communist Party homepage (hosted by the People's Daily)

Not unheard of for People's Daily pieces to get top billing here but it's usually things that Xi Jinping is doing or events he is attending

Commentary is trying to reassure business after recent anti-monopoly & unfair competition crackdowns

The message is debatable but it's a tacit acknowledgement policies were opaque & unpredictable

Wonder if we'll now see a more coordinated approach inc w/"common prosperity"

Beijing does recognize it has created a problem

Commentary claims the recent crackdowns "target illegal and non-compliant behavior, and absolutely do not target specific industries or enterprises"

Not sure big tech and tutoring firms would agree, but maybe less sudden shocks?

The commentary also makes plain that tougher market regulation is not a Maoist war on the private sector

Rather, it's "a strategic move to grasp the initiative for future development to enhance our ability to survive, compete, develop and persist in...perilous situations"

That's consistent with recent meetings & docs on "common prosperity"

Xi emphasizes fixing (real) market problems to sustain long-term growth

Why? To shore up elite/public support for the CCP

Of course, he could mess it up in the implementation! We'll see if anything changes..

And, the key purpose of greater regulation?

"To guide and urge enterprises to obey the leadership of the Party, and to obey and serve overall economic and social development"

The Party wants a strong private economy, but it wants the control to set guardrails for its evolution

Link: cpc.people.com.cn/n1/2021/0908/c…