Xi Jinping’s talk of “common prosperity” spooks the prosperous
The idea might be motivating everything from China’s crackdown on tech tycoons to a putative property tax
IN A SPEECH in 2016 Xi Jinping, China’s president, explored the roots of an idea that is now troubling the country’s tycoons and depressing the stockmarket—an idea that may be motivating China’s crackdown on private tutoring, its antitrust fines on internet firms, its new guidelines on the treatment of gig workers and its steps towards a property tax, as well as inspiring large charitable donations from some of the country’s most prominent enterprises. That idea is common prosperity.
This article appeared in the Finance & economics section of the print edition under the headline “Fleshing out the olive”
Finance & economics August 28th 2021
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From the August 28th 2021 edition
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