Amanpour and Company

SO, LET'S RECAP JUST A LITTLE BIT WHAT'S HAPPENED IN CHINA OVER THE PAST YEAR. IT ALL STARTED IN NOVEMBER WHEN PRESIDENT XI JINPING PERSONALLY INTERVENED TO STOP A MASSIVE IPO FROM A PRIVATE TECH COMPANY, FUNDED BY CHINA'S MOST FAMOUS TECH BILLIONAIRE. AND AFTER THAT, ONE ACTION AFTER ANOTHER, YOU'RE SEEING ALIBABA, BASICALLY CHINA'S AMAZON, GETTING STRUCK AND THEN THE GOVERNMENT LAUNCHING CYBER SECURITY INVESTIGATIONS INTO A RIGHT HAILING APP, ALSO VERY POPULAR IN CHINA. AND IN OTHER SECTORS, CHINA BANNED FOREIGN TEXTBOOKS AND DECLARED WAR ON HOLLYWOOD STYLE, FANDOM, EVEN MOST RECENTLY, TRIED TO RESTRICT THE TIME CHILDREN PLAY, IN TERMS OF PLAYING DIGITAL GAMES. WE DECIDED REALLY TO TAKE A DIFFERENT LOOK INTO WHAT'S GOING ON IN CHINA. WHERE XI JINPING IS TAKING CHINA. WE WENT TO INTERNAL SPEECHES BY PRESIDENT XI HIMSELF AND INTERVIEWED PEOPLE WHO ARE INVOLVED IN POLICY MAKES. OUR CONCLUSION IS THIS IS MORE THAN REGULATORY CRACKDOWN. IT'S MUCH AMBITIOUS. IT'S A REALLY MORE AMBITIOUS PLAN, OVERALL, TO GEAR CHINESE ECONOMY INTO A NEW DIRECTION, BASICALLY BACK ON THE ROAD OF SOCIALISM. AND FURTHER AWAY FROM WESTERN STYLE CAPITALISM. >> RIGHT. COMMON PROSPERITY IS HOW HE REFERS TO IT. AND IT'S COMING AT THE EXPENSE OF PRIVATE ENTERPRISE. I DO WANT TO GET YOU TO TALK ABOUT THE LATEST HEADLINES THERE WITH ONE OF THEIR LARGEST COMPANIES A REAL ESTATE DEVELOPMENT COMPANY, EVERGRANDE, WHICH ISEN THE VERGE OF COLLAPSE. A HIGHLY LEVERAGED COMPANY THAT IT APPEARS THE GOVERNMENT IS NOT WILLING TO STEP UP AND BAILOUT. MANY ARE REFERRING TO IT AS CHINA'S LEMAN BRUGT RBZ. DOES THIS AT ALL PLAY INTO THE SHIFT WE'VE SEEN FROM XI JINPING OR IS THIS JUST A ONE OFF OF A COMPANY THAT WAS HAVING BAD BUSINESS PRACTICES AND SHOULD PERHAPS GO UNDER THEN BECAUSE OF THAT? >> IT'S A HEAVILY INVESTED PRIVATE REAL ESTATE DEVELOPER. TO BE SURE, CHINESE GOVERNMENT, UNDER XI JINPING, HAS WANTED TO SHAKE UP THE REAL ESTATE SECTOR FOR MANY YEARS. REDUCE THE ECONOMIST'S ADDICTION TO REAL ESTATE.