Xi jinping has a master plan for China. Its ultimate goal is for the country to be the 21st century’s dominant superpower, both feared and admired. China’s bellicose response to the visit to Taiwan by Nancy Pelosi, the speaker of America’s House of Representatives, encapsulates the desire to be fearsome. As for admiration, that is to come from growing economic and technological heft. Here, Mr Xi’s plan involves a reshaping of Chinese private enterprise.
At first blush, this exercise has been painful for business. Last year the combined market value of China’s largest private companies fell for the first time, according to the Peterson Institute
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