The great challenge for Xi, however, is that the party’s authority relies on economic growth, which has for so long been generated by the enrichment of its capitalists via the Dark Deal. In theory, and in a very roundabout way, Xi has declared a class war in the name of Chinese workers, not only on the cloudalists but on Chinese capitalists, too. In August 2021, he announced curbs on ‘excessive incomes’ and, crucially, a new policy to shrink aggregate investment from 50 per cent of Chinese national income to 30 per cent – something that can only happen if Chinese capitalist profits from net
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