On August 21, 2021, Chinese President Xi Jinping launched the Common Prosperity campaign to remake the world’s second largest economy. Its main objective is to narrow the growing wealth gap between the rich and poor. Among others, wealthy individuals, big tech companies, the education sector and real estate developers were unsparingly targeted. Many have been taxed and are encouraged to do more to return to the society.
But the move to rein in private capital has left many investors nervous about the future growth of their business. There have been anxiety and apprehension that Xi Jinping’s new campaign will revive Mao Zedong’s ideology of egalitarianism and that Common Prosperity may again lead to Common Poverty.
How will the Common Prosperity initiative change China’s future? And with the current economic slowdown and the supply disruptions caused by the war in Ukraine, will the campaign help bridge the gap between the rich and poor? Or will it cause further damage to its economy?
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