champions" which could compete with large foreign corporations. China would finally surpass Japan's economy in 2010. 2012–2020 Under Party general secretary Xi Jinping and his administration, the CCP has sought numerous reforms. Some of these had increased control over state-owned and private enterprises, at least 288 firms have revised their corporate charters to allow the Communist Party greater influence in corporate management, and to reflect the party line. This trend also includes Hong Kong listed firms, who have traditionally downplayed their party links, but are now "redrafting bylaws to formally establish party committees that previously existed only at the group level." In other dimensions, according to Ray Dalio, the Xi era has also been marked by economic opening, greater market-oriented decision-making and discontinuation of support for poorly-managed state-owned enterprises. 2020–present On 21 July 2020, general secretary of the Chinese Communist Party, Xi Jinping made a speech to a group of public and private business leaders at the entrepreneur forum in Beijing. Xi emphasized that "We must gradually form a new development pattern with the domestic internal circulation as the main body and the domestic and international dual circulations mutually promoting each other." Since then "internal circulation" became a hot word in China. Some Chinese worry that the emphasis of "internal circulation" signals returning to 1960s-era seclusion, and ending of Chinese economic reform. In September 2020, the CCP announced that it would strengthen United Front work in the private sector by establishing more party committees in the regional federations of industry and commerce (FIC), and by arranging a special liaison between FIC and the CCP. The Xi Jinping era had considerably different economic objectives, in line with two campaigns, Made in China 2025 and China Standards 2035 which sought to scale up and displace US dominance in various high-tech sectors. This is alongside more aggressive pursuit of trade policies, in line with an outlook that sees China move towards taking a more active role in writing the rules of trade. Xi Jinping and the Chinese Communist Party have undertaken a course of reforms to "combat what the Communist Party considers undesirable economic and social elements". Xi wants to rein hyper-rich entrepreneurs, narrow the country's stubborn wealth gap and promote "common prosperity."" Reforms have included outlawing crypto-currency mining and trading, banning for-profit education, and banning the IPO's and hindering the growth of large firms owned by newly minted Chinese billionaires. Effects of