Finance & economics | Free exchange

Xi Jinping really is unshakeably committed to the private sector

He balances that with being unshakeably committed to state-owned enterprises, too

A yin and yang symbol with a hammer and sickle in the white yin side  and a yen symbol in the black yang side
Illustration: Álvaro Bernis

China’s paramount leader, Xi Jinping, contains multitudes. His economic philosophy touts both self-reliance and openness. His vision of policymaking embraces top-down design, but also bottom-up experimentation. During the covid-19 pandemic, he urged local officials to eliminate infections (which often required lockdowns) and promote growth (which required mobility). His recent call to cultivate “new productive forces” entails championing cutting-edge technologies, but without neglecting traditional industries. Communists are taught to believe in the power of contradictory forces, as Trivium, a consultancy, once put it. So Mr Xi “will expect his comrades to cope”.

Explore more

This article appeared in the Finance & economics section of the print edition under the headline “If only he wasn’t”

How to raise the world’s IQ

From the July 13th 2024 edition

Discover stories from this section and more in the list of contents

Explore the edition

More from Finance & economics

The stockmarket rout may not be over

As investors pause for breath, we assess what could turn a correction into a crash

Why Japanese stocks are on a rollercoaster ride

Volatility in global markets continues


Why Japanese markets have plummeted

The global rout continues, with the Topix experiencing its worst day since 1987


Swing-state economies are doing just fine

They would be doing even better if the Biden-Harris administration had been more cynical

Can Kamala Harris win on the economy?

A visit to a crucial swing state reveals the problems she will face

Why fear is sweeping markets everywhere

American and Japanese indices have taken a battering. So have banks and gold