China’s President Xi Jinping said China will achieve “common prosperity” by around mid-century. “Common prosperity” is a broad policy drive to narrow the gap between rich and poor. It has involved a wave of regulatory crackdowns on excesses in industries including technology and private tuition. In an essay published in the ruling Communist Party’s publication Qiushi, Xi also said that the government should not make promises it could not deliver on and avoid the “trap” of “welfarism”.

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