BEIJING — For much of last year, China’s top leader, Xi Jinping, waged a fierce campaign to rein in private capital and narrow social inequalities. Regulators cracked down on tech giants and wealthy celebrities. Beijing demanded that tycoons give back to society. And the Communist Party promised that a new era of “common prosperity” was on the horizon.Now, the Communist Party is putting its campaign on the back burner. In doing so, Beijing is tacitly acknowledging that Mr. Xi’s push to redistribute wealth has unnerved the private sector — a pillar of growth and job creation — at a time when China’s economic outlook is increasingly clouded.To Beijing, ensuring the economy is stable and growing is paramount this ye …
