Those familiar with the plan say it is an observation to ensure the entire Communist Party has control over what is seen as the deadliest part of the economy.
Chinese President Xi Jinping is voiding the ties developed by China’s state banks and other economic giants with big players in the private sector and expanding his efforts to curb capitalist forces in the economy.
Eat. Mr. Xi, who launched his campaign late last year with a regulatory attack on technology giants, is launching a wide-ranging round of financial institution investigations. According to people familiar with the plan, the checks announced in September, with some details, focus on the fact that state-owned banks, investment funds and financial regulators are not paying attention to private companies, especially some that have recently landed in Beijing’s crosshairs. Property giant China Evergrande Group, ride-healing company Didi Global Inc. and financial-technology firm Ant Group.