CHINA-LEADERSHIP: XI JINPING CALLS FOR ADDRESSING INCOME INEQUALITY AT CCFEA MEETING

Chairing a session of the Central Commission for Financial and Economic Affairs (CCFEA) on August 17, Xi Jinping said that the Party must expend more efforts in tackling inequality and promoting “common prosperity”. He said“[We want] to create an olive-shaped [income] distribution, where the middle is large and the two ends are small.” He added that “We should encourage getting rich through hard work and innovation" and "[We should] increase the people’s education levels…and give more people the opportunity to create wealth.” Xi Jinping hinted at stiffer steps to reduce income inequality and said “We should strengthen the regulation and adjustments of high income… fairly regulate excessive income, and encourage high-income people and enterprises to give more back to society.” While the Economic Daily (August 19) said "common prosperity is the essential requirement of socialism and an important feature of Chinese-style modernization", the Guangming Daily (August 19) declared that "Solidly promote common prosperity" is a new goal put forward by the Communist Party of China after the overall victory in the fight against poverty.





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