🎧 Listen: In today's episode of The Journal podcast, Lingling_Wei assesses how Chinese President Xi Jinping's state-centered policies are slowing China's economy
This transcript was prepared by a transcription service. This version may not be in its final form and may be updated.
Lingling Way: When he first came to power, he put in place a very ambitious economic reform program that called for state companies to operate more like commercial firms. He encouraged entrepreneurship, he encouraged competition. Lingling Way: That really scares Xi Jinping. To him "Oh my God," it's so hard to control the markets. He feared that this kind of financial turbulence, market turbulence, economic turbulence, would really hurt political stability, which he values very, very much. Gradually after that, the kind of control the state had over the economy just strengthened more and more.
Lingling Way: Jack Ma, co-founder, he used to be this entrepreneur idolized by the younger generation in China. Everybody wanted to be like him, right? But after the crackdown, he basically has vanished from public view.Lingling Way: A lot of entrepreneurs in China, we have interviewed for the past couple years, have told us that they're not really willing to expand or invest in more projects. In fact, a lot of them are in survival mode.
Lingling Way: Absolutely, Kate. The kind of resentment against Xi Jinping's authoritarian rule in China and the kind of levels of discontent really have been rising within the country pretty significantly since this year.
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