China will distribute wealth of the rich among the poor?
China’s rich may soon come under more scrutiny as President Xi Jinping‘s 20th Party Congress report hints at stronger regulation to equitably distribute China’s income Huh.
Just days after President Xi Jinping announced stricter oversight of money laundering patterns in China, there has been growing speculation about who may be targeted and how. Private business confidence is still shaky after Beijing’s crackdown on the tech sector.
Will protect legitimate income, accommodate excessive income
Xi’s report to the 20th Party Congress on Sunday prompted more robust regulation to equitably distribute the spoils of China’s rapid development under “shared prosperity”. In his speech, Xi said that we will keep the means of income distribution and wealth accumulation well regulated. We will protect legitimate income, accommodate excessive income and curb illegal income.
Xi said the party had won the “greatest battle against poverty in human history”. He attributed this to his domestic policies aimed at “shared progress”. He said that the government wants to speed up the process of making house arrangements and also want to increase the system of sharing of money.
Xi Jinping said that China will improve the system of distribution of income. We will ensure national security and social stability, he said. We will ensure food security. Will work actively to make religion compatible with socialist society. Xi Jinping said that it is necessary to regulate the income of the rich properly and encourage the businessman to contribute more to the society.