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Transcripts for CNN CNN Newsroom Live 20210905 09:46:00

Casualties include some of china s aleading tech firms, alibaba, byte dance, dd, new oriental education, tencent and the list goes on. companies have been slapped with fines, banned from app stores in order to overhaul their business prompting sharp falls for listed chinese tech firms and stoking fear about the future but observers say the end goal of beijing s bid for control is not about creating chaos. it s all part of a top-down plan. why is this happening? this isn t simply a power play by beijing to crush these upstarts, these billionaires, entrepreneurs. a lot of the crackdown is driven by a political campaign like common prosperity. reporter: it is the prosperity of all the people, says chinese president xi jinping as he pledges to redistribute wealth in china, analysts say the crackdown is out to fix social ills like income and equality and hypercompetition. the government believes that ....

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