Winners and Losers in China’s Sweeping Private-Sector Crackdown
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Cleaners walk past a luxury goods store at an upscale retail area in Beijing, on Aug. 25.
Photographer: Qilai Shen/BloombergThis article is for subscribers only.
Beijing’s agenda to curb the rampant expansion of some private enterprises has sent stocks plunging in sectors ranging from gaming to after-school tutoring and health care to liquor.
Behind the crackdown is the Communist Party’s drive to narrow China’s wealth gap and keep in check the expansion of capital, as reflected in President Xi Jinping’s increasingly vocal call for “common prosperity.”