On January 16, People’s Bank of China (PBOC) Governor Yi Gang voiced optimism that Asia’s biggest economy can return to business as usual in 2022. Yet two days later, his boss – Xi Jinping – reminded Yi how hard that might be.

Last Friday, President Xi signaled that the brutal US$1.5 trillion sell-off in tech stocks his industry crackdowns triggered isn’t over. Xi’s regulators spooked investors with new guidelines for food-delivery platforms, including industry giant Meituan, to cut fees they charge restaurants.

The sudden plunge in Hong Kong’s Hang Seng Tech Index, which tracks China’s top tech companies, reflected fears that Xi may have more broadsides up his sleeve and that they might be fired on markets between now and later this year, when Xi plans to secure a third term as Communist Party leader.