lørdag 9. oktober 2021

Billionaires Beware: China Cracking Down On ‘Excessive Income’

They say money can’t buy you happiness (a claim many, we imagine, are keen to test). But that very statement could be coming true for China’s richest, following a new fund to be introduced by the country’s president Xi Jinping, which billionaires are being encouraged to contribute towards.

According to the ABC, President Jinping wants to introduce new laws that will see China’s most rich and powerful part ways with some of their wealth, while also allowing those at the bottom of the money ladder to raise their fortunes, in what is known as a plan to achieve “common property.” Since Jinping’s statements were first made clear on August 17th 2021, some of the country’s most profitable companies have already begun donating large chunks of their wealth – with figures being in the billions of dollars – to worthwhile causes.

Quartz adds that the move came following the revelation: “China’s richest 20% had 10 times more disposable income than the bottom 20%.” The lack of money among China’s working class is also said to be contributing to couples being unwilling to have more children, since they won’t be able to afford to look after, and educate them.