Explainer: What is China's 'common prosperity' drive and why does it matter? - Printable Version +- Ipoh Community Forums (https://forums.ipoh.com.my) +-- Forum: News and Current Affairs (https://forums.ipoh.com.my/forum-11.html) +--- Forum: International News (https://forums.ipoh.com.my/forum-13.html) +---- Forum: Business, Economy and Investment (https://forums.ipoh.com.my/forum-56.html) +---- Thread: Explainer: What is China's 'common prosperity' drive and why does it matter? (/thread-2936.html)

Explainer: What is China's 'common prosperity' drive and why does it matter? - superadmin - 09-02-2021 BEIJING, Sept 2 (Reuters) - President Xi Jinping has called for China to achieve "common prosperity", seeking to narrow a yawning wealth gap that threatens the country's economic ascent and the legitimacy of Communist Party rule. "Common prosperity" as an idea is not new in China, but a sharp escalation in official rhetoric and a crackdown on excesses in industries including technology and private tuition has rattled investors in the world's second-largest economy. Xi, poised to begin a third term in 2022, is turning towards inequality after concluding a campaign to eliminate absolute poverty, pledging to make "solid progress" towards common prosperity by 2035 and "basically achieve" the goal by 2050. WHAT DOES 'COMMON PROSPERITY' MEAN? - More -