China to regulate excess wealth to ensure prosperity for all class

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The Chinese Government on Tuesday said they are looking to regulate excessive wealth to ensure common prosperity within China.

President Xi Jinping said China will focus on prosperity for all classes calling for high income earner and enterprises to give back to the society.

At the 10th meeting of the Central Committee for Financial and Economic Affairs, Officials at the meeting pledged to expand China's middle class and to increase the incomes of low-income groups in an effort to distribute wealth more evenly

China's growth in the last two decades has been meteoric, with its GD growing from $2.23 trillion in 2000 to $11.8 trillion in 2020. Last year, despite the pandemic, China was the only major country in the world to register economic growth.

The country also has a massive wealth gap. In 2020, the richest 20% of China's population earned more than 10 times the poorest 20%.

Xi has made building a "moderately prosperous society" a goal since he took over leadership in 2012, pledging to eliminate extreme poverty within the decade. In 2020, the country of 1.4 billion claimed that it had achieved that goal in eight years, lifting nearly 100 million people out of extreme poverty

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