China's President Xi Puts Wealthiest Citizens On Notice

Since President Xi Jinping took office in 2012, the ruling party has made it a priority to end poverty and build a moderately prosperous society.

President Xi Jinping put China's wealthiest citizens on notice Tuesday, offering an outline for "common prosperity" that includes income regulation and redistribution, according to state media reports. Since Xi took office in 2012, the ruling party has made it a priority to end poverty and build a moderately prosperous society, goals that the party sees as central to promoting well-being and strengthening its governance. Income inequality in the country is wide -- the richest 20% earn more than 10 times poorest 20% -- and hasn't budged since 2015. Beijing has undertaken massive efforts to reduce poverty, especially in rural areas. More recently, its taken aim at the upper end of the spectrum, with a crackdown on the technology industry, which has minted several billionaires, and criticism of the excesses of celebrity culture. At Tuesday's meeting of the Communist Party's Central Committee for Financial and Economic Affairs, the government detailed new strategies to target the upper echelons. Officials vowed to "strengthen the regulation and adjustment of high income, protect legal income, reasonably adjust excessive income, and encourage high-income groups and enterprises to give back to society more," according to a summary of the meeting published by state media Xinhua.