China is signaling it wants to spread the wealth more evenly. The new priority is a factor in the tech clampdowns—and it could mean rule changes are coming in all sorts of areas.
. While living standards have risen dramatically in China, the country’s Gini-coefficient, a measure of inequality, widened to 70.4 in 2020 from 59.9 in 2000, making China one of the world’s most unequal major economies, according to data from Credit Suisse.
In a February speech celebrating that achievement, Mr. Xi highlighted reaching “common prosperity” as the next stage of China’s development.At the Chinese Communist Party’s centennial celebration, President Xi Jinping called for defiance against foreign pressure. As China challenges the U.S.’s leadership—from AI to defense—WSJ’s Jonathan Cheng looks at what’s next for the country.
The plan also pledges to narrow the gulf between rich and poor and reform income allocation by adjusting “excessively high income,” cracking down on illegal gains and encouraging businesspeople to expand philanthropy. In a 50-plus page report released earlier this month, Morgan Stanley economists noted that China’s new emphasis on “getting rich together,” or “common prosperity,” would likely mean further regulatory headwinds for companies in sectors associated with rising social inequality, and more support for businesses linked to healthcare and green energy.
Mr. Xi was already envisioning a shift toward more emphasis on social equality before he took power in 2012, as a once-a-decade power struggle within the party entered its final days, according to people familiar with his thinking. Mr. Xi, who was vice president at the time, didn’t agree with either group, the people said. He said that his goal was to both make a bigger cake while also distributing it equally and that one shouldn’t contradict the other.
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