Why Crack Down on so many Companies? Manufacturing Industry in Crisis/Downplay the Service sector

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Since July 2021, the Beijing government has tightened regulations on real estate, dampening the enthusiasm and confidence of real estate companies, and the regulatory storm is hitting an increasing number of industries, almost one industry a day. What is this move by Xi Jinping's administration all about?
The Wall Street Journal editorialized on August 22 that a reading of China's "Outline for the Implementation of the Rule of Law Government" released in August along with the five-year national economic plan released in March 2021 shows a renewed emphasis on manufacturing, after years of signaling its intention to promote the service sector. What has happened in recent months is evidence that the Chinese Communist authorities are downplaying the role of the service sector.

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