China-US Comparison: [Yao Yao Jiang] Is the Reform and Opening Up Ending? This Long Article on Party History from Xinhua News Agency Carries a Political Signal from Xi Jinping

In January 1956, Beijing and large and medium-sized cities across the country rapidly completed the state-private joint ownership of entire industries. Through a fixed-interest system, the state peacefully bought out private industry and commerce, marking the basic completion of the socialist transformation of the ownership of the means of production.

In September 1966, with the outbreak of the Cultural Revolution, the state completely stopped issuing fixed dividends to former private industrialists and businessmen, prematurely terminating the buyout period and completely zeroing out the status and assets of former capitalists.

At a symposium on private enterprises, Xi Jinping specifically refuted circulating societal narratives such as the "theory of the exit of the private economy" and the "new joint state-private ownership theory," emphasizing that the fundamental principles and policies of the Party and the state regarding the development of the private economy remain unchanged.

On November 3, 2020, following Jack Ma's Bund speech criticizing financial regulation, the Shanghai Stock Exchange announced the suspension of Ant Group's A-share listing just two days before it was scheduled to go public. The Hong Kong Stock Exchange followed suit immediately, halting the world's largest IPO.