China must now gear towards a system that more fairly looks after those who are not yet wealthy after the early development of the national economy lifted the country out of poverty and created millionaires, President Xi Jinping said, laying out his plans by defining “common prosperity” for the first time.
At a key economic leadership meeting on Tuesday, Chinese leaders agreed China must pursue a goal of so-called common prosperity where people share in the opportunity to be wealthy as the main objective for the next stage of its development, while stressing the need for an airtight economy which allows for that smoothing out of wealth.
Chinese tech giant Tencent said it will invest $7.71 billion to help support the country’s bid for common prosperity