Is this the end of China's experiment with capitalism?
Since President Xi Jinping became head of the Communist Party in 2012, he has launched an anti-corruption purge, interned millions of Uighurs and crushed the hopes of pro-democracy protesters in Hong Kong.
Now, Xi has got his eye on a huge segment of the economy that has powered economic growth in recent years: billionaires, celebrities, property, gaming and technology companies. He argues the side-effect of growth has been inequality and that it is time for “common prosperity”. Iris Pang, the chief economist for greater China at ING Bank, sheds further light on this.