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China: Left turn continues
  • Vitaliy_KiselevVitaliy_Kiselev

    A Chinese state-controlled business media outlet, reported that President Xi had "stressed that common prosperity is an essential requirement of socialism" and called for "its advancement" while also "pursuing high-quality development" during the Aug. 17 meeting of the Central Committee for Financial and Economic Affairs.

    Caixin also explained how the CCP is already implementing President Xi's vision for a more egalitarian (financially speaking, at least) society. The recent changes are related to school districts, after-school tutoring, property tax pilot programs and an expansion of anti-trust enforcement and other measures to tackle "reckless capitalism".

    Because of the rapid growth, China is facing a wealth inequality crisis.

    The high cost of urban living has contributed to a sharp slowdown in births, prompting China this year to allow families to have up to three children instead of two.

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    If you ask me - crackdown on small and medium business owners and big companies managers is a must, they must have their salaries cut by 5-10 times.

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  • Vitaliy_KiselevVitaliy_Kiselev

    Alibaba Group CEO Daniel Zhang, speaking at the World Internet Conference held in China these days, organized by the main Internet regulator of the Celestial Empire in the person of the Chinese Cyberspace Administration, announced the company's intention to allocate $ 15 billion to stimulate shared prosperity in the country. ... Shared prosperity, in this case, means narrowing the gap between rich and poor. Mr. Zhang noted that these are "not just numbers" and it is important to help talent from poor regions to "teach people how to fish." CEO of Xiaomi Corp. Lei Jun called on big tech companies to help small and medium-sized enterprises "keep no group behind."

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