“Common prosperity” – a slogan Xi had used with increasing frequency this year – took on the weight of a national priority. Chinese companies that exacerbated the wealth divide were in trouble. Those that narrowed it were in demand.
Before the coronavirus struck, investing in luxury stocks and Chinese internet giants like Alibaba Group Holding and Tencent Holdings was a surefire way of tapping the world’s largest consumer base.
Then midway through the pandemic, Beijing began a regulatory crackdown that culminated in an Aug. 17 speech by President Xi Jinping that changed everything.
