Xi doubles down on the phrase “shared prosperity,” warning China’s wealth

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The use of the term “shared prosperity” by Chinese President Xi Jinping increased this year, demonstrating the Communist Party of China’s commitment to reducing the country’s massive wealth disparity.
During his first eight years in power, the word was used only occasionally. Last year, he began to use the phrase “common prosperity” more frequently, and he has continued to do so: So far this year, the term has featured 65 times in his speeches and meetings, compared to 30 last year.
Mr. Xi’s aim is signaled by the sloganeering, according to Ms. Maria Repnikova of Georgia State University, who studies China’s political communication. Last week, the government placed a finer point on it.
The party’s pinnacle financial and economic affairs committee vowed at an assembly on Tuesday (Aug 17) to “moderately alter excessive incomes,” inspire philanthropy and pursue different techniques to carry the country’s earnings distribution into the unique perfect olive-formed structure, small on each end and fats withinside the middle.
During the summit, top policymakers agreed to utilize “taxation, social security, and transfer payment” policies to combat unlawful and “unreasonable” income.
They also suggested that Mr. Xi’s objective might extend to encompass the merely wealthy as well as the ultra-rich for the first time.

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