One of China’s top economic officials says that complete economic equality will not be achievable despite the Xi administration’s recent touting of its “Common Prosperity” policy that seeks to narrow income gaps.
“Common prosperity is the long-term mission for China, and cannot be seized in an instant. Nor is it egalitarianism or welfare,” said Liu He (刘鹤), Chinese vice premier and head of the Financial Stability and Development Committee (FSDC), at the Davos World Economic Forum on 17 January.
“Following China’s development, the wealth levels of citizens have continually increased, and China will strive to pursue opportunities with regard to equality, but under any kinds of circumstances there will still be certain disparities in the income levels and wealth of people.”
Liu also highlighted the role of private entrepreneurs in driving China’s economic growth and helping to ameliorate wealth gaps.
“During the historic process of driving common prosperity, entrepreneurs, including foreign businesses, play a vital driving role.”
