What’s in a Name? Unpacking Common Prosperity
This week on the China Business Brief, the China-Britain Business Council’s in-house policy team talk through some of the meanings that have been assigned to the Chinese government’s goal to achieve Common Prosperity. As Torsten Weller (CBBC’s UK-based policy analyst) explains, the term finds its origins in 1950s Maoist China but has come a long way since then and undergone a metamorphosis of late. From the recent crackdowns on the country’s big tech companies to tax-evading celebrities, the term appears to have found widespread application since being revealed to have been the topic of a meeting chaired by President Xi and attended by China’s top economic policy planners in August. But what exactly is Common Prosperity? Does it represent a return to socialist orthodoxy in China? And will it be able to bridge the wealth gap and reverse inequality in a meaningful way?
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