This is also a policy to stop the rise of wealthy executives since only the Party can have that sort of wealth ; it will also stem the further tide of innovation and invention - now at an all time low. When Xi says middle class he means Party members that are not so well connected as the wealthier upper class of party members. There is no real correspondence between the Western idea of ‘middle class’ and the Communist one under Xi.
This all follows the CCP dictum : no one can have more power, influence, wealth, inspiration than the CCP and is an insurance policy against further encroachments.
Poetic justice for the useful CCP idiots that carried out the cultural Revolution on their fellow chinese.
Did they really think their turn to be robbed for the common good wouldn’t come ?.