Beijing Investigates China’s Financial Industry as Xi Solidifies His Power

Debt crisis and corruption—pretenses for power grab

A traffic policeman works near the bund overlooking the skyline in Shanghai, China, on Sept. 13, 2021. Chen Si/AP Photo

News Analysis

The Chinese Communist Party (CCP) is launching investigations into the financial industry, triggered by a looming debt crisis and under the guise of anti-corruption. These investigations appear to be an indication that China is moving further from a market economy, while they also serve Xi Jinping’s personal goal of solidifying his power.