By: The Guardian
August 18, 2021
China’s president has vowed to “adjust excessive incomes” in a warning to the country’s super-rich that the state plans to redistribute wealth to tackle widening inequality.
According to reports in state media, Xi Jinping told officials at a meeting of the Chinese Communist party’s central financial and economic affairs commission on Tuesday, that the government should “regulate excessively high incomes and encourage high-income groups and enterprises to return more to society”.
The commission said it would pursue its “common prosperity agenda”, which has become the main focus of China’s policymaking after reports of discontent within the party’s central committee over the rise of a new class of wealthy entrepreneurs.