News Analysis In 2012, Xi Jinping told the Chinese people that “only socialism can save China.” Although it was capitalism that dramatically increased the country’s living standards, Xi is leading the country back to the stricter socialism that kept China poor, decades ago. Former Chinese leader Deng Xiaoping said that “to get rich is glorious,” which was consistent with his 1978 program of “reform and opening up.” By opening its markets to the world, and by allowing the economy to be driven by market forces, China was able to create a tremendous middle class and the largest number of billionaires in the world. The “go out policy,” which began in 1999, promoted outward direct investment (ODI). It also encouraged Chinese companies to go abroad and learn from foreign firms, all of which resulted in China becoming the world’s second-richest country. Xi’s return to greater socialist controls, turning away from the …