I’m by no means an expert on China. But reading the article couldn’t the whole thing be just about elite infighting?
As far as I’m aware China has some pretty extreme surveillance implemented. I can’t see how such a move would be compatible with any idea of an egalitarian or fair society. Surveillance always creates an inbalance in regards to who controls the surveillance, its purpose and consequences.
Also re “The top 10% of families in China account for 47.5% of household wealth, the IIF estimates”.
I don’t know the IIF. However I offer this resource as a counter that puts the top 10% wealth share in China closer to 66% with a clear, non-socialist trend:
Happy to be proven wrong on this one. But otherwise, let’s not glorify authoritarians that feel the need to maintain their power through widespread surveillance.