The government of the People’s Republic of China does not trust the people over whom it reigns. This is illustrated by its broad distrust of those folks’ private enterprise.
Xi Jinping, long distrustful of the private sector, is moving assertively to bring it to heel.
The government is installing more Communist Party officials inside private firms, starving some of credit and demanding executives tailor their businesses to achieve state goals.
The push is driven by a deepening conviction within the country’s leadership that markets and private entrepreneurs, while important to China’s rise, are unpredictable and not to be fully trusted.
Bringing the PRC into the World Trade Organization, engaging with the nation economically—even helping the nation economically—in order to enhance freedom and prosperity for the ordinary folks of the PRC was worth the try those 50 years, more or less, ago.
It’s clear now, though, and it’s been clear for some decades, that the government men of the PRC have no intention of enhancing that freedom of prosperity. Those men intend only to enhance their power domestically, to dominate neighboring nations, and to set the global world order, replacing not just us, but the West altogether.
Yet this is the PRC that Joe Biden wants us to cozy up to.