This is correct. His power is effectively absolute. Any time his eye focuses on an issue, the issue is resolved to his specification or heads roll and another puppet is appointed to resolve it so.

I spoke a few years back with a tech analyst who specialized in Chinese equities. She herself is a Chinese ex-pat living in the states. She, quite exasperatedly described investing in Chinese equities as "you basically need to guess what Xi is thinking".

One day test prep schools are illegal and immediately shut down. Tech CEOs suddenly became pariahs and started getting carted off to re-education camps. Etc.

You never know what could happen to an executive, company, or sector.