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Xi’s tech clampdown signals end of a capitalist era

TOKYO – China is so keen to maintain control over its sprawling and expanding economy that it’s even willing to go communist.

For all the claims from Communist Party bigwigs that President Xi Jinping isn’t on an anti-wealth crusade, the losses are too jarring to dismiss as “capitalism doing its thing.”

Indeed, the more than US$1 trillion of market capitalization losses tied directly to Xi’s recent policies has China bulls mutating into China bears.