Xi Jinping warns ‘common prosperity’ push will be ‘long term’
The Hindu
The campaign would be based on several core principles, starting with encouraging innovation as a means to prosperity.
China’s President Xi Jinping has warned that his government’s current push for “common prosperity”, which is likely to see a major overhaul of many sectors of the Chinese economy in coming months, will be “long term”.
The “common prosperity” campaign came into prominence after it was highlighted by Mr. Xi at a meeting of the Central Finance and Economic Affairs Committee in August. It has been seen by observers as underlining many of the major recent regulatory moves announced by the Party leadership that have alarmed foreign investors and wiped off close to $1 trillion in market value of major Chinese private tech and education firms since February.
These include anti-trust investigations of major private sector companies, such as Alibaba and Tencent, and overhauling the booming private education industry, which may be ordered to turn non-profit.
Maharashtra government formation LIVE: Mahayuti is slated to form the government within the next three days, with winning MLAs being asked to gather in Mumbai immediately. Follow The Hindu’s live updates
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