Mao liked to break things. He thought stability and stagnation were the enemy. And so, he fought for continuing revolution, even against the rest of his party. His “success” was the impoverishment of China.
The next generation of Chinese leaders saw national salvation in economic development, which inevitably leads to a process in which winners turn into losers, and vice-versa. Creative destruction, not stability, is what capitalism is all about.
The Xi generation rules over a powerful nation. It values stability over everything else, including growth, because it has much to lose. What does this mean for the Chinese economy?
In the end, it means a return to stagnation–just at a higher level than before.