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Related: About this forumChinese president vows to 'adjust excessive incomes' of super rich
Source: The Guardian
Chinese president vows to adjust excessive incomes of super rich
Chinese Communist party to crack down on almost weekly creation of billionaire company bosses
Phillip Inman
@phillipinman
Wed 18 Aug 2021 17.50 BST
Chinas president has vowed to adjust excessive incomes in a warning to the countrys super-rich that the state plans to redistribute wealth to tackle widening inequality.
According to reports in state media, Xi Jinping told officials at a meeting of the Chinese Communist partys central financial and economic affairs commission on Tuesday, that the government should regulate excessively high incomes and encourage high-income groups and enterprises to return more to society.
The commission said it would pursue its common prosperity agenda, which has become the main focus of Chinas policymaking after reports of discontent within the partys central committee over the rise of a new class of wealthy entrepreneurs.
The policy goal comes amid a sweeping push by Beijing to rein in the countrys largest private firms in industries, ranging from technology to education.
Analysts said it was notable that the gaming and social media firm Tencent, one of Chinas biggest tech groups, said it would expand its social commitments as it reported a jump in second-quarter profit.
-snip-
Chinese Communist party to crack down on almost weekly creation of billionaire company bosses
Phillip Inman
@phillipinman
Wed 18 Aug 2021 17.50 BST
Chinas president has vowed to adjust excessive incomes in a warning to the countrys super-rich that the state plans to redistribute wealth to tackle widening inequality.
According to reports in state media, Xi Jinping told officials at a meeting of the Chinese Communist partys central financial and economic affairs commission on Tuesday, that the government should regulate excessively high incomes and encourage high-income groups and enterprises to return more to society.
The commission said it would pursue its common prosperity agenda, which has become the main focus of Chinas policymaking after reports of discontent within the partys central committee over the rise of a new class of wealthy entrepreneurs.
The policy goal comes amid a sweeping push by Beijing to rein in the countrys largest private firms in industries, ranging from technology to education.
Analysts said it was notable that the gaming and social media firm Tencent, one of Chinas biggest tech groups, said it would expand its social commitments as it reported a jump in second-quarter profit.
-snip-
Read more: https://www.theguardian.com/world/2021/aug/18/chinese-president-xi-jinping-vows-to-adjust-excessive-incomes-of-super-rich
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Chinese president vows to 'adjust excessive incomes' of super rich (Original Post)
Eugene
Aug 2021
OP
Scrivener7
(51,014 posts)1. Great idea!
OAITW r.2.0
(24,610 posts)2. Will that include members of the Parliament?
FoxNewsSucks
(10,435 posts)4. We need to adjust more than a few ridiculous
untaxed incomes here.
I_UndergroundPanther
(12,480 posts)5. This☝️