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Title : The Chinese Government Is Cracking Down On Private Enterprise
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The Chinese Government Is Cracking Down On Private Enterprise

A woman on her electric-powered scooter films a large video screen outside a shopping mall showing Chinese President Xi Jinping speaking during an event to commemorate the 100th anniversary of China's Communist Party at Tiananmen Square in Beijing, Thursday, July 1, 2021. 

 Laura He, CNN Business: China's biggest private companies are in chaos. It's all part of Beijing's plan 

Hong Kong (CNN Business)China's crackdown on private enterprise has wiped out more than $1.2 trillion in market value for many powerful Chinese companies and stoked fears about the future of innovation in the world's second largest economy. 

But the end goal of Beijing's aggressive bid for control isn't about creating chaos. The government wants to make clear to its corporate champions that tapping capitalist markets is fine — as long as it is on the ruling Chinese Communist Party's terms. 

The heavy selling has accelerated in recent months as Chinese authorities slap companies with fines, ban apps from stores and demand that some firms completely overhaul their businesses. 

Hundreds of billions of dollars in market value has been erased in the last week alone, after regulators announced curbs on China's for-profit education industry and its food delivery sector. 

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WNU Editor: This is a massive mistake that I predict will be reversed in the coming months. China needs to create millions of new jobs each year and a GDP that grows between 5% to 10%. It is these companies that provide those jobs and opportunities, as well as its GDP growth. I can understand why Beijing wants to rein in these corporations. But this is tantamount to killing the goose that lays the golden eggs.

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