(Bloomberg) -- China’s Communist Party vowed to promote the welfare of all people and redistribute income, underscoring its push to achieve “common prosperity” in the country.
Having achieved a goal of building a moderately prosperous society, “we will make the pie bigger and divide it well,” Han Wenxiu, a senior official at the party’s central financial and economic affairs commission, said at a press briefing in Beijing Thursday. Authorities will push for high-quality development, raise the income of urban and rural residents, gradually reduce the gap in distribution, and “resolutely prevent polarization,” he said.
President Xi Jinping has ramped up rhetoric around “common prosperity” as he makes a push to bring down income inequality in the country. He chaired a high profile meeting last week that outlined plans to target excessive incomes and encourage wealthy groups to give back to society.
China Eyes Wealth Redistribution in Push for ‘Common Prosperity’
China will promote equal access to public services, create more opportunities for all to become wealthy, and avoid falling into the trap of “welfarism,” Han said. The country will encourage people to achieve wealth through hard work and innovation, and step up the magnitude of income adjustment such as tax and social security payment, he said.
“Common prosperity” is the fundamental requirement of socialism and an important feature of China’s modernization, Han said. At the same time, the goal of common prosperity doesn’t mean uniform egalitarianism, and it can’t be achieved overnight, he said.
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