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Opinion
Shuli Ren

Shuli Ren’s View to 2022: Common vs. Uncommon Prosperity in China

Will big capital be able to accommodate itself to Beijing’s edicts? That’s the big question for the new year. Plus, a selection of the columnist’s best work in 2021.

What Xi says.

What Xi says.

Photographer: Michael Nagle/Bloomberg

What to Expect: 

China has developed an uneasy relationship with big capital. The country’s uncommonly prosperous billionaires will continue to try to keep a low profile as President Xi Jinping promotes his “common prosperity” campaign, which aims to spread the country’s wealth and broaden the middle class. But there are many other potential areas of contention. The government is trying to promote high-end manufacturing. But big tech and venture capitalists would rather plow their money into sectors like social media and after-school tutoring — where the consumers are. At the same time, the country’s new rich are pushing asset prices — think buying multiple units of prime waterfront real estate in Shanghai —  higher even as property developers wobble. So, the question for 2022 is: Can money and politics live in harmony?