[yorwba]

国进民退 guó jìn mín tuì "state advances, private retreats" was coined to refer to the Chinese government bailing out state-owned enterprises while letting private companies go bankrupt after the 2008 financial crisis. That's both not "now" and also before Xi's rise to power.

[eznoonze]

It has been extensively used to describe the current situation - expansion of government's role in business and diminishing of private enterprises.