China Takes On Its New Tycoons



On the eve of his anointment by the Chinese Communist Party for a second five-year term as China’s leader, Xi Jinping seems to be the master of all he surveys. He has centralized economic and national-security policy in his office. The military and the police are firmly under control. Legions of corrupt officials—some of them political rivals, others caught brazenly on the take—are in jail. Dissidents and activists have been sidelined or locked up.

But Mr. Xi’s most consequential political battle today has received little…



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