China's "Profound Transformation" is not so profound

It's hardly Cultural Revolution 2.0. More like 1950s conservatism.

I do not claim to be a China expert. But when it comes to the logic behind China’s new economic regime, I got it right. My thesis was that China’s seemingly arbitrary crackdown on its consumer internet industry (as well as its finance and private education industries) was all about redirecting the country’s resources toward things that would increase it…