Beijing has vowed to go all out next year to save its Covid-hit economy by boosting consumption and loosening control over private industry
, including the struggling tech and property sectors. The new pledge marks a big shift from leader Xi Jinping’s years-long effort to rein in private businesses, which were perceived as too powerful and “disorderly.” The world’s second biggest economy faces multiple challenges. Covid infections are surging in China after leaders unexpectedly eased its restrictive Covid policy earlier this month. At the same time, its exports have been hurt by a slump in global demand.
The crackdown began in October of that year, when regulators yanked the blockbuster IPO of Jack Ma’s Ant Group, days after he gave a controversial speech that criticized China’s financial regulations for stifling innovation. Around that time, Beijing moved to rein in the mountains of debt accumulated by property developers. The crackdown on excessive borrowing led to a liquidity crisis across the industry, resulting in some high-profile developers defaulting on their debt.
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