Chinese leader articulates more details of his plan to rein in excessive riches and spread more liberally the nation’s growing wealth.
China will reform its tax and household registration systems, push anti-trust enforcement and improve public services to reduce the national wealth gap, President Xi Jinping told the Communist Party’s financial and economic affairs committee in an August 17 speech.
His ideas were set out in an article based on the speech and are now viewed as a blueprint of the dramatic changes the leader is imposing across the country.
Read more at “Xi fleshes out his ‘common prosperity’ vision”
The “Administrative Measures for Off-campus Training Materials” confirm that the crackdown on private tutoring is about ideology, not money only.
On September 1, the Chinese Ministry of Education published its “Administrative Measures for Off-campus Training Materials for Primary and Secondary School Students.” By “off-campus training,” the CCP means the private tutoring services that help students preparing for the difficult Chinese exams.
The crackdown on this multi-million-dollar market has been presented as a way to save money tutors milk out of struggling families, while realizing Xi Jinping’s goal of “common prosperity” by preventing the children of the rich from gaining advantages in the competitive Chinese school system thanks to their access to expensive private tutoring.
Read more at “Material for Students Cannot Propagate Religious Teachings”
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”