2. Post-Tiananmen, China embraced “red capitalism,” where “princelings”—children of political leaders—controlled investment nodes and equity. The party launched “golden projects” for surveillance while managing the 1998 crisis by recapitalizing banks thro

2. Post-Tiananmen, China embraced “red capitalism,” where “princelings”—children of political leaders—controlled investment nodes and equity. The party launched “golden projects” for surveillance while managing the 1998 crisis by recapitalizing banks through asset management companies to hide bad debt that was never truly resolved. (2)

1903