The Mainland reveals the concept of “common prosperity”, taking into account short, medium and long-term goals | Blog Post

Friends who buy stocks will find that many Chinese stocks that have been hotly speculated have fallen a lot in recent days. Except for the return of pressure from high inflation in the United States, the adjustment policy of Grandpa in different industries is not correct. The main reason for the “disappointment” of the lack of shares is that everyone is beginning to notice a concept called “common prosperity”.

At the 10th meeting of the CPC Central Committee for Finance and Economics held on August 17, the CCP emphasized the need to expand the proportion of middle-income groups, increase the incomes of low-income groups, reasonably regulate high incomes, ban illegal incomes, and form an olive-shaped distribution of large middle income and small ends. Structure, promote social fairness and justice, promote the all-round development of human beings, and “make all people move forward towards the goal of common prosperity.” A meeting minutes released later also stated that it is necessary to encourage high-income groups and enterprises to give back to society more.

The concept of “common prosperity” is not the first time that the Central Committee of Finance and Economics has put forward the concept. As early as the report of the 19th National Congress of the Communist Party of China in 2017, it was mentioned that by the middle of this century, “the common prosperity of all people will be basically achieved.” Later, at the Fifth Plenary Session of the 19th Central Committee of the Communist Party of China, it was proposed that by 2035, “all the people will achieve more obvious and substantive progress in the common prosperity of the people.”

The term “common prosperity” is still not very popular in the Mainland, but I believe it will become an important policy goal in the future. Recall that when President Xi came to power in 2012, anti-corruption and anti-poverty were the two main goals. At that time, high-ranking officials in the mainland were corruption-prone and there were more than 98 million poor people. Now nine years later, anti-corruption has killed a large number of tigers and flies together. Today, the last poor people have been lifted out of poverty, and the goal of “common prosperity” in the next stage has surfaced.

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