China’s wealthy urged by Xi Jinping to ‘give back to society’ to ensure ‘common prosperity’
- President Xi Jinping chaired a meeting of the Communist Party’s Central Committee for Financial and Economic Affairs on Tuesday
- Common prosperity is central to promoting well-being as China strives to achieve its second centenary goal of fully building a modern socialist country
China must pursue a goal of “common prosperity”, where wealth is fairly shared by all people, as a key objective for the next stage of its development, President Xi Jinping told a key economic leadership meeting, while also stressing the need to prevent financial risks.
Common prosperity is an essential requirement of socialism and a key feature of China-style modernisation, Xi said while chairing a meeting of the Communist Party’s Central Committee for Financial and Economic Affairs on Tuesday.
Pledges were made to adjust excessive income and encourage the wealthy to “give back to society more”, according to a summary of the meeting published by the official Xinhua News Agency.
Common prosperity is central to promoting well-being and strengthening the party’s governance as the country strives to achieve its second centenary goal of building a modern socialist country, the summary said.
The meeting vowed to “strengthen the regulation and adjustment of high income, protect legal income, reasonably adjust excessive income, and encourage high-income groups and enterprises to give back to society more,” according to the Xinhua report.
It also urged the country to “properly deal with the relationship between efficiency and fairness”.
China must also push forward “high-quality development”, while officials also agreed that efforts should be made to balance stable economic growth and prevent financial risks, according to Xinhua.
Author: Orange Wang, SCMP