Time September 27/October 4, 2021 pp20 |TheBrief Postcard|”What’s behind China’s ‘common prosperity slogan” by Charlie Campbell
Shanghai
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Summary offered by 2244
Mao Zedong dubbed “common prosperity” and Deng Xiaoping said “let some people get rich first” and now in an effort to get “ordinary people [to] feel the Chinese Communist Party (CCP) is on their side” Xi Jinping has recently invoked actions that follow-up on Deng by taking actions to wipe out up to $1 trillion in Chinese Market Capitalization since February…” from “Billionaires and tech companies.”
The CCP, Xi Jinping really, see these business leaders and their firms as “an alternative form of social and political” power that does not fit with the invoking of “common prosperity. A move that aims to make “a fairer China by reducing income inequality.” The official enunciated goal being “a modern socialist country that is prosperous, strong, democratic, culturally advanced and harmonious by 2049.”
Sensing a backlash many of the new wealthy and their firms have “been throwing money at the problem, pouring billions into charitable foundations.” According to David Moser (Beijing Capital Normal University) “‘The fact of the matter is that these people are excessively rich...and donating a little bit of that money is not going to hurt them.” Many of the leaders have also “quietly stepped back from boardroom positions in recent weeks to take roles with a social focus.”