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Why Xi Jinping Waited Years to Launch His Crackdown on Tycoons

  • U.S. tensions, Xi’s bid for third term help explain timing
  • ‘The crackdown is just the beginning -- it’s the prelude’
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China Widens Crackdown on Tech
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As China investors search for clues about which industries might be next in President Xi Jinping’s crackdown, they’re also pondering another question: Why now?

Over the decades Chinese leaders have regularly extolled the virtues of Marxism, socialism and the working class -- all while overseeing super-charged economic growth that helped spawn some of the world’s most valuable companies. When Xi began his second term back in 2017, he identified China’s key problem as “unbalanced and inadequate” development and called for devoting “great energy” to fix it.