The Quest for ‘Common Prosperity’ in China

In early 2021, President Xi Jinping introduced a national goal of achieving “common prosperity,” which aims to reduce the yawning wealth gap between China’s rich and poor. At a time when China’s economy is slowing, the implementation of common prosperity involves an unprecedented effort to maintain domestic stability and social quiescence amid intensifying geopolitical tensions. The party-state has sought to avoid provoking public discontent by pooling regional funds for social protection programs rather than pursuing taxation-based redistribution among social classes.