A sweeping regulatory crackdown is underway in China, now expanding to target many of the country’s most successful private sector firms, from tech giants to tutoring companies. While a thriving private sector has helped power China’s rapid economic rise, Chinese President Xi Jinping now seems determined to rein in what he sees as its uncontrolled excesses. At the same time, new restrictions on overseas listings signal China’s intention to remove its tech giants from foreign scrutiny on national security grounds. Is this campaign transitory, or a game-changing shift in Xi’s economic and political strategy?

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