onsdag 19. januar 2022

China's Xi Jinping defends 'common prosperity' crackdowns

Chinese president Xi Jinping has made a rare defence on the world stage of his "common prosperity" policy, which has seen major crackdowns on businesses. His comments came during the World Economic Forum's (WEF) annual meeting of government and corporate leaders. China says the policy is aimed at narrowing the widening wealth gap, which could threaten the Communist Party's rule if left unaddressed. Technology, education and entertainment firms have been hit by the crackdowns.

"The common prosperity we desire is not egalitarianism," Mr Xi told delegates. "We will first make the pie bigger and then divide it properly through reasonable institutional arrangements. As a rising tide lifts all boats, everyone will get a fair share from development, and development gains will benefit all our people in a more substantial and equitable way," he continued.

The measures put in place by the common prosperity policies are seen by some as a way to rein in the billionaire owners of some of China's biggest companies to instead give customers and workers more of a say in how firms operate and distribute their earnings.