China suspends promotion of "common prosperity" amid economic slump

Politics Economy

China has decided to suspend the full promotion of President Xi Jinping's ambitious "common prosperity" policy for the time being, with the economy slowing amid the COVID-19 pandemic, a Chinese source familiar with the matter said Monday. Last year, Xi pledged to pursue common prosperity, aimed at reducing the income gap at home by levying more regulations on the nation's lucrative sectors, including the IT and financial industries. Xi's push to attain common prosperity, however, has been fanning concern that the world's most populous country would become a less attractive market, as the goal ...

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