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CHINA’S PRIVATE SECTOR is often summed up with a combination of four numbers: 60/70/80/90. Private firms contribute approximately 60% of China’s GDP, 70% of its innovative capacity, 80% of urban employment and 90% of new jobs. Given the clear centrality of private enterprise to the vibrancy, growth, and stability of China, it is therefore difficult for many to grasp the logic of the Chinese government’s acceleration of placing state power over private enterprise. Are we witnessing a fundamental pivot in the industrial recipe for the nation’s success, in which privately owned market drivers will be muted? How will the CCP’s relationship with the private sector evolve in the medium term?