China's 'unprecedented' crackdown stunned private enterprise. One year on, it may have to cut business some slack

China's 'unprecedented' crackdown stunned private enterprise. One year on, it may have to cut business some slack

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Key Facts

  • "Common prosperity is the prosperity of all the people, the material and spiritual life of the people being rich," Xi wrote in an article published last month by a Communist Party journal, invoking a historically significant phrase that dates back to the time of Chairman Mao Zedong.
  • The business crackdown that dominated much of this year is believed to have started after Ma — easily the most recognizable of China's business elite — blasted China's financial system during a controversial speech in October 2020.
  • Ma's , meanwhile, was hit earlier this year with a record $2.8 billion fine for behaving like a monopoly, and the company has lost roughly $400 billion in market value in the last year as it navigates a slew of new regulations from Beijing.
  • The world's second largest economy has encountered a slew of challenges that are weighing heavily on economic growth, including disruptions due to the global shipping crisis, a massive energy crunch and concerns about a debt crisis in real estate.

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