Xi Jinping really is unshakeably committed to the private sector
He balances that with being unshakeably committed to state-owned enterprises, too

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”
Finance & economics
July 13th 2024
From the July 13th 2024 edition
Discover stories from this section and more in the list of contents
Explore the edition
Stockmarkets do not reward firms for investing in Trump’s America
The perils of reshoring

America is turning away China’s goods. Where will they go instead?
South-East Asia is exposed to both Chinese import competition and American ire

Can the euro go global?
With the dollar faltering, European policymakers have an opportunity
Poor countries would miss King Dollar
Even though they normally like a weaker greenback
Hell is other people’s currencies
As the Trump administration may soon find out
How Trump might topple the dollar
For the first time in many decades, the greenback looks vulnerable