China: the government revolution for ‘common prosperity’ that dislikes billionaires

China illustration

Credit, GETTY / SEAN GLADWELL

Photo caption,

President Xi Jinping’s initiative to reduce economic inequality in the country occupies a central place in Beijing’s policies

In recent months, hardly a day goes by without the announcement of some government resolution that frames one or another sector of the Chinese economy.

Tough regulatory measures and strict enforcement of existing rules target many of the country’s largest companies.

The phrase is not new in China. It has been in use since the 1950s, when it was used by Chinese leader Mao Zedong.