- the following article deals with China’s coming era of ‘common prosperity – and what it means for the rich
- for decades, a few people in the country were allowed to get wealthy first to encourage economic efficiency
- the income gap is growing and moves are afoot to get the better off to give back
The economic structure has changed dramatically, and people in the emerging private sector are earning more than those with fixed incomes, irrespective of their contribution to society says an article on SCMP.
Socialism
The goal of socialism was common prosperity, and making a small number of people rich first would help to better achieve the goal. The people who designed missiles now made less than those who sold eggs. “But making a small number of people rich first was supposed to be transitional, which would be later adjusted by policies and laws to achieve common prosperity.”
Equitable distribution
Decades later, there are signs that the transition period could be ending and the focus of the leadership now is a more equitable distribution of income, with President Xi Jinping reviving the goal of common prosperity. The idea has been an underlying theme in Xi’s speeches over the years and builds on the work of his predecessors, observers say.
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Source: SCMP
