(Noun): A political agenda aimed at reducing inequality through wealth redistribution and improved welfare policies

One of the tests of China Watch is trying to choose a slogan that can be adhered to. A bunch of old political mantras blocked the chronicle of Chinese communism history. For example, how many of us still remember what the “three represents”, “two whatevers” and “scientific development concept” mean.

But “common prosperity” requires clear respect. Chinese leader Xi Jinping mentioned it for the first time at the end of 2020, and it will only take effect this year.

“Common prosperity“In Xi Jinping’s view, this will be one of China’s most important goals in the next 15 years. It marks the country’s intent to reduce economic inequality by narrowing the country’s stubbornly huge gap between rich and poor.

The president clarified one reason for the prominent slogan: he does not want China to suffer the same fate as the United States. “With the collapse of the middle class, the polarization of the rich and the poor in some countries. This has led to social disintegration, political polarization and rampant populism,” He said in August.

A number of policy initiatives have been initiated under the banner of “common prosperity”.Xi Jinping calls for the introduction property tax, The purpose is to allow the rich to pay more for holding valuable real estate assets.

Similarly, he said that the rich should “give back more to society.” Improve the pension and welfare benefits of the poor. But—in another clear warning not to follow the West—Xi Jinping warned against falling into a “welfare trap that encourages laziness.”

In short, “common prosperity” acquiesces that while China has formally built “socialism” in the past 40 years, it has also created One of the most unequal societies on earth. Beijing said that now is the time to solve this problem.

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