Continuity or change? China’s sweeping reforms under Xi Jinping

There is a widespread belief that the Western democracies’ engagement policy with China has failed. Instead of introducing deep political reforms, President Xi Jinping has reset the relationship between the market and government by re-emphasizing the Chinese Communist Party’s (CCP) central role in the Chinese economy and steered China back toward its founding socialist principles. As part of this “third revolution,” 1 the government has implemented a slew of policy reforms and restrictions, from crackdowns on Internet platforms and regulatory squeezes on the tech industries to strict regulation of the real estate market and more