When Xi Jinping took command of the Communist Party in late 2012 and proclaimed "only socialism can save China", it was largely ignored as the perfunctory mention of an antiquated slogan - not to be taken literally in a modern-day, market-powered economy.

But sweeping new policy moves - from crackdowns on internet companies, for-profit education, online gaming and property market excesses, to the promulgation of "Common Prosperity" - show Xi's seriousness in steering China back towards its socialist roots...