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Over the summer, China’s multibillion-dollar private education industry was decimated overnight by a ban on for-profit tutoring, while new regulations wiped more than $1 trillion from Chinese tech stocks since a peak in February. As China’s tech moguls compete to donate more to President Xi Jinping’s campaign against inequality, “Xi Jinping Thought” is taught in elementary schools, and foreign games and apps like Animal Crossing and Duolingo have been pulled from stores.
A dizzying regulatory crackdown unleashed by China’s government has spared almost no sector over the past few months. This sprawling “rectification” campaign — with such disparate targets as ride-hailing services, insurance, education, and even the amount of time children can spend playing video games — is redrawing the boundaries of business and society in China as Xi prepares to take on a controversial third term in 2022.
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