The headline and sub-headline in the Wall Street Journal article pretty much tells the story.
China Delays Economic Liberalization
As Beijing debates how to quickly boost economy, it delays long-term plans to loosen financial grip
The men governing the PRC do not see the contradiction between their behavior and their actions.
China has taken new steps to slow plans that had been meant to loosen control over the financial system, adding to similar delaying moves since summer.
Never mind that loosening these controls, and all other government controls—all other CPC controls, all other controls maintained by President Xi Jinping and his cohorts—would produce exactly that boost. Leaving money and decision-making in the hands of the general population citizens, the hands of the folks who earned that money and who, as rational adult human beings, are fully capable of making their own decisions would let those folks allocate their money according to their imperatives, their goals, their desires and to do so far more efficiently than any government can do. These strictly voluntary exchanges between themselves and their fellow citizens are what in their aggregate strongly boosts economies.
It’s hard to believe that the leadership of the CPC and of the PRC’s government, themselves rational adult human beings, don’t understand that.
However, freeing up the economy would let the citizenry make decisions of which these government men disapprove; freeing up the economy would lessen the personal power of these government men.
These government men are too addicted to their power; that addiction prevents them from making rational decisions, just as any drug addiction prevents the addict from making rational decisions.