China could soon reduce the gap between the rich and poor by imposing new taxes on property and inheritance, capping state-owned-enterprise (SOE) executives’ salaries, strengthening antitrust enforcement and promoting more charity.
All these suggestions were made by economists and commentators soon after President Xi Jinping spoke at a top Communist Party financial and economic affairs committee meeting where the leader said China should aim to promote “common prosperity.”
Xi, who is also party general secretary, also told the committee that the country should pursue high-quality development and coordinate work on forestalling major financial risks. The announcement is the latest in a series of regulations and moves that are raising new questions about China’s capitalist credentials.
Read more at “Wealth gap sparks Xi’s call for common prosperity”