China’s New Narrative Begins to Shake Out
The Tencent Holdings headquarters in Shenzhen, China. The massive internet company won approval to proceed with a number of major game titles, part of a seeming loosening of Beijing’s crackdown on the tech sector.
Photographer: Qilai Shen/BloombergThe new year has arrived with some surprising headlines out of China, headlines that may require us to reconsider the leadership overhaul at October’s Communist Party Congress—and its implications.
There were two main narratives after Xi Jinping completed his domineering revamp. One was the Chinese leader’s enhanced control augured poorly for the private sector and relations with the West, given his propensity for a tighter grip on the economy and a militant “wolf-warrior” approach to diplomacy.