China’s government is surprisingly redistributive
That is despite a stingy tax-and-transfer system
When China’s ruler, Xi Jinping, began calling for “common prosperity” in 2021, he made investors nervous. The stated goal was to reduce inequality. But the term became wrapped up with something edgier: a morale-destroying campaign to browbeat billionaires into displays of charity, tighten regulations on big tech firms and curb what Mr Xi called the “disorderly expansion of capital”.
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This article appeared in the Finance & economics section of the print edition under the headline “Xi, the generous”
Finance & economics September 14th 2024
- Can anything spark Europe’s economy back to life?
- Norway’s weak currency presents a mystery
- Strangely, America’s companies will soon face higher interest rates
- Can bonds keep beating stocks?
- China’s government is surprisingly redistributive
- The IMF has a protest problem
- Why orange juice has never been more expensive
- An American sovereign-wealth fund is a risky idea
From the September 14th 2024 edition
Discover stories from this section and more in the list of contents
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How Trump, Starmer and Macron can avoid a debt crunch
With deficits soaring, their finance ministers will have to be smart
What Scott Bessent’s appointment means for the Trump administration
The president-elect’s nominee for treasury secretary faces a gruelling job
What Donald Trump and Bernie Sanders get wrong about credit cards
Forget interest rates. Rewards are the real problem
Computers unleashed economic growth. Will artificial intelligence?
Two years after ChatGPT-3.5 arrived, progress has been slower than expected
Should investors just give up on stocks outside America?
No, but it is getting a lot harder to keep the faith
