News Analysis Xi Jinping’s investigation of financial institutions in China, and their alleged chumminess with the largest private firms, will increase his political power, but harm the country’s economic growth. After targeting the media, education, gaming, and technology sectors in China, and wiping out billions of dollars in the process, the Chinese Communist Party (CCP) is now girding itself against China’s financial firms. According to a Wall Street Journal exclusive by Lingling Wei, Xi “is zeroing in on the ties that China’s state banks and other financial stalwarts have developed with big private-sector players, expanding his push to curb capitalist forces in the economy.” The move will further chill foreign investment in China and increase centrifugal pressures fueling capital flight. Star investor Catherine Wood of Ark Invest warned on Oct. 12 of a coming economic downturn in China that is becoming increasingly obvious. Such a downturn could ripple through the …