Top leaders from the ruling Communist Party on Wednesday laid out a blueprint for how they plan to continue tightening the regulatory screws on companies over the next five years.
But it suggests Beijing's unprecedented crackdown on private enterprise, which began late last year, could last for some time. China's five-year plans are the cornerstone of economic and social policy in the country, and the latest plan runs through 2025. The government has cited a need to safeguard national security and protect the interests of its people. Regulators have widely blamed the private sector for creating socioeconomic problems that could potentially destabilize society and affect the Party's grip on power.Ride-hailing company Didi — which recently went public in New York — has been accused of mishandling sensitive user data. Other US-listed Chinese tech firms have been criticized for endangering national cybersecurity.