What is Going On in China?

Recent policy changes and rhetoric from Xi Jinping both imply a serious effort to shift the distribution of income towards ordinary people. But is that actually what's happening?

China’s Central Committee for Financial and Economic Affairs, led by President Xi Jinping, recently promised to “adjust excessive incomes” and to “encourage high-earning people and companies to play a bigger part in paying back to the society,” all in the name of promoting “common prosperity.”

“Common prosperity” might mark the start of an ambitious refo…