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- China calls for curbs on ‘excessive’ income and for the wealthy to give back more to society
China calls for curbs on ‘excessive’ income and for the wealthy to give back more to society
CNBC reports that Chinese President Xi Jinping emphasized at a finance and economic meeting the need to support moderate wealth for all — or the idea of “common prosperity,” which analysts have said is behind the latest regulatory crackdown on tech companies.
The meeting called for the “reasonable adjustment of excessive incomes and encouraging high income groups and businesses to return more to society,” state media said.
Leaders also specified common prosperity does not mean prosperity for just a few and is not a form of equal distribution, state media said. Rather, progress toward the goal would occur in stages, the report said.
Delivering “common prosperity” has emerged in recent months as an underlying theme of Chinese political discussion. The term is generally understood as moderate wealth for all, rather than just a few. But it remains a vague, frequently used slogan.
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