The goal of a socialist nation isn’t to become the financial centre of the world and outsource manufacturing. That’s literally just late stage capitalism.

Attracting FDI was necessary for rapid development of the productive forces, but the key thing is keeping that capital under the Party’s control. So limiting it to JVs with state entities, embedding party members inside companies, etc.

Another big thing is capital controls. Allow capital to come in, but not leave. That insulates the nation from market fluctuations, and also prevents capital strike. Similarly, the currency is stabilised.

The goal isn’t deindustrialisation. The goal’s full automation of productive forces.

The problem with billionaires in this stage is that they represent a political threat. They can potentially exert control over their capital in such a way that’s not beneficial to society, such as through outsourcing overseas, or creating an opioid epidemic.

They also represent potential misallocation of resources, such as to real estate bubbles, instead of according to human need.