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https://www.oftwominds.com/blogsept21/going-on-in-china9-21....
Let's start by stipulating that no one outside President Xi's inner circle really knows what's going on in China, and so my comments here are systemic observations, not claims of insider knowledge.

What's actually happening in China isn't Marxist or Capitalist--it's plain old non-ideological human greed, hubris and magical thinking manifesting as moral hazard running amok.. Moral hazard-- the separation of risk and consequence, as speculators make increasingly risky bets because they know any losses will be covered by the state--is effectively the new State Religion in China: everyone is absolutely confident that every punter, especially all the rich, powerful, well-connected speculators--will be bailed out by the central government.

inequality skyrocketed, and since inequality and corruption are mutually-reinforcing, corruption also reached new heights as inequality skyrocketed.

the power of Chinese Big Tech and financiers began encroaching on the control of the Communist Party.

Xi saw the danger of Big Tech and financiers being able to buy whatever influence they needed from corrupt CCP and state officials, and he realized that this is the crucial moment in history: either crush Big Tech and the financiers / speculators or risk losing control to their interests.
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