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?
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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…