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”

From the July 13th 2024 edition

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

Explore the edition

Discover more

Donald Trump in Brownsville, Texas on November 19th 2024

Trump wastes no time in reigniting trade wars

Canada and Mexico look likely to suffer

Illustration of a large anvil falling down on a government building.

How Trump, Starmer and Macron can avoid a debt crunch

With deficits soaring, their finance ministers will have to be smart


Scott Bessent speaks at the National Conservative Conference in Washington, DC.

What Scott Bessent’s appointment means for the Trump administration

The president-elect’s nominee for treasury secretary faces a gruelling job


What Donald Trump and Bernie Sanders get wrong about credit cards

Forget interest rates. Rewards are the real problem

Computers unleashed economic growth. Will artificial intelligence?

Two years after ChatGPT-3.5 arrived, progress has been slower than expected

Should investors just give up on stocks outside America?

No, but it is getting a lot harder to keep the faith



Discover more

A little black figure struggles to open a door in the back of Xi Jinping's head.

Helping America’s hawks get inside the head of Xi Jinping

China’s leader is a risk-taker. How far will he go in confronting America?

Illustration of a flying balloon like a light bulb. The basket has the Chinese emblem on it

The World Ahead China in 2025

China’s entrepreneurs must navigate stormy seas

They face challenges both domestic and foreign in 2025


Illustration of the Chinese and US flags, with the US presidential lectern in the middle

The World Ahead China in 2025

Donald Trump’s second term will present new dangers for China

But it will also create opportunities for the Communist Party


Brazil courts China as its Musk feud erupts again

Xi Jinping, China’s leader, spies a chance to draw Brazil closer

Is the return of Donald Trump China’s dream or nightmare?

His election is a propaganda win, but he poses real dangers for the Communist Party

Chinese netizens wonder if their economy is in “garbage time”

As the government tries to stimulate growth, some gloomily ponder the long term