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Opinion

Xi's tech crackdown preserves socialism with Chinese characteristics

Protecting foreign investors has never been a top priority

| China
Chinese President Xi Jinping delivers a speech at an event marking the 100th founding anniversary of the Communist Party of China, in Tiananmen Square, Beijing, on July 1.   © Reuters

Richard McGregor is a senior fellow at the Lowy Institute in Sydney.

Beijing's label for its economic system -- "socialism with Chinese characteristics" -- has long prompted sniggers outside the country as a rhetorical fig leaf that allows the Communist Party to preside over unbridled capitalism.

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