Xi's common prosperity uses old methods on new targets
Keyword(s):
The Rich
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Significance The meeting ended with a call for high incomes to be regulated and for the rich to 'give back' more. It followed a series of dramatic regulatory actions against large private firms and super-rich individuals. Impacts Inequality has become a higher priority in recent years; many further attempts to address it will emerge. The Party has not soured on private business in general or in principle; most private firms and entrepreneurs will not be targets. Comparisons to Mao and the Cultural Revolution are misplaced. Next year's Party Congress is particularly sensitive, so the customary crackdowns ahead of it may be commensurately intense.