Chinese Communist Party Advocating "Common Prosperity": "Killing the Rich to Help the Poor Is Not the Way"

On July 1st, the 100th anniversary of the founding of the Communist Party of China, President Xi Jinping, who is also the General Secretary of the Communist Party Central Committee, delivered a celebratory speech at Tiananmen Square in the capital city of Beijing.

As the Chinese Communist Party announced plans to strengthen wealth redistribution under the banner of "common prosperity," the party asserted that "common prosperity is not a policy that kills the rich."

According to Chinese media on the 26th, Han Wenshu, Deputy Director of the General Office of the Central Financial and Economic Affairs Commission of the Chinese Communist Party, stated at a press conference hosted by the State Council Information Office, "Common prosperity relies on collective effort" and "It does not adopt a method of killing the rich to save the poor."

While the Communist Party had previously demanded 'social contributions' from companies and wealthy individuals as a concrete measure to implement 'common prosperity,' it said on this day that donations would not be forced.

Deputy Director Han said, "The third distribution is voluntary and not mandatory," adding, "By providing appropriate incentives through the national tax system, (donations) will play a sufficient role in improving the distribution structure."

Earlier, on the 18th, the Chinese Communist Party held the 10th Central Financial and Economic Affairs Commission meeting in Beijing, attended by President Xi Jinping and other key leaders, fully endorsing the goal of common prosperity focused on strengthening the function of distribution.

At that time, the Communist Party newly defined donations from companies and the wealthy?i.e., social contributions?as the "third distribution," following the primary distribution and redistribution concepts in traditional economics.

This content was produced with the assistance of AI translation services.