Meet China’s new tycoons

Xi jinping has a master plan for China. Its ultimate goal is for the country to be the 21st century’s dominant superpower, both feared and admired. China’s increasing sabre-rattling encapsulates the desire to be fearsome. As for admiration, that is to come from growing economic and technological heft. Here, Mr Xi’s plan involves a reshaping of Chinese private enterprise.

At first blush, this exercise has been painful for business. A crackdown against successful internet companies has wiped as much as $2trn from their collective market capitalisation. On August 4th Alibaba, an e-commerce giant, reported its first ever quarterly decline in revenues. A day earlier its financial affiliate, Ant Group, revealed a slide in profits. Jack Ma, who co-founded both firms, may soon cede control of Ant. His net worth has fallen by more than $20bn in the past couple of years. That of Hui Ka Yan, the founder of Evergrande, a troubled property giant, has crashed from $40bn in 2020 to $6bn. Last month Carlos Tavares, the boss of Stellantis, a carmaker (whose largest shareholder, Exor, part-owns The Economist’s parent company), said that it would exit a Chinese joint-venture after complaining of “growing political interference”.