https://www.americanthinker.com/blog/2021/09/xis_desperate_roll_of_the_dice.html
Wall Street and the big international corporations have suddenly awakened to the threat China poses. And no, it has nothing to do with the danger China poses to American national security, the massive theft of U.S. intellectual property, the release of the Wuhan virus on the world, or even its use of Uighur Muslims in forced labor. Rather, it has to do with the threat to Wall Street profits. This is what had George Soros criticizing BlackRock’s recent investments in China and the Wall Street Journal clutching its pearls. Here’s the backdrop to the story.
As the WSJ put it, Xi is trying to forcibly get the country back to the vision of Mao Zedong, who saw capitalism as mere transition phase on the road to socialism. Accordingly, Xi’s plans call for more government intervention in the economy. Since he has consolidated power, the Chinese president is putting the entire state apparatus behind making private companies serve the state. Also, private business and the wealthy are now being “encouraged” to donate more of their wealth and profits toward Xi’s “common prosperity” goals. Alibaba alone has pledged the equivalent of $15.5 billion. And Western investments in China are not being ignored by Xi.
For foreign businesses, the campaign likely means more turbulence ahead. Western companies always had to toe the party line in China, but they are increasingly asked to do more, including sharing personal user data and accepting party members as employees. They could be pressed to sacrifice more profits to help Beijing achieve its goals.