China to curb ‘excessive income’ in push for ‘common prosperity’

In the wake of months of regulatory crackdown targeting alleged monopolistic behaviour of some of China’s biggest private sector companies, China’s Communist Party leadership has signalled that next i

In the wake of months of regulatory crackdown targeting alleged monopolistic behaviour of some of China’s biggest private sector companies, China’s Communist Party leadership has signalled that next in its sights are the country’s wealthy. Party General Secretary and President Xi Jinping said measures will be introduced to curb “excessive incomes” and promote “common prosperity”, following a meeting on Tuesday of the Central Committee for Financial and Economic Affairs, which he heads. Observers noted the timing of the meeting held particular significance, as the first notable public appearance of the leadership and the first major political announcement following the annual secretive retreat of top present and past leaders in the seaside town of Beidaihe near Beijing, which was believed to have taken place in early August.