- President Xi Jinping put China’s wealthiest citizens on notice, offering an outline for “common prosperity” that includes income regulation and redistribution.
- Since Xi took office in 2012, the ruling party has made it a priority to end poverty and build a moderately prosperous society, goals that the party sees as central to promoting well-being and strengthening its governance.
- Income inequality in the country is wide – the richest 20% earn more than 10 times poorest 20% -- and hasn’t budged since 2015. Beijing has undertaken massive efforts to reduce poverty, especially in rural areas.