Warning of Income Gap, Xi Tells China’s Tycoons to Share Wealth

THE NEW YORK TIMES: As the country’s leader prepares for a likely third term, he is promising “common prosperity” to lift farmers and working families into the middle class.

Xi Jinping has declared that China’s Communist Party will work toward “common prosperity,” and he has pressed businesses and entrepreneurs to give back more to society. .Ju Peng/Xinhua, via Associated Press
Four decades ago, Deng Xiaoping declared that China would “let some people get rich first” in its race for growth. Now, Xi Jinping has put China’s tycoons on notice that it is time for them to share more wealth with the rest of the country.

Mr. Xi says the Communist Party will pursue “common prosperity,” pressing businesses and entrepreneurs to help narrow the stubborn wealth gap that could hold back the country’s rise and erode public confidence in the leadership. Supporters say China’s next phase of growth demands the shift.

“A powerful China should also be a fair and just China,” Yao Yang, a professor of economics at Peking University who endorses the shift in priorities, said by email. “China is one of the worst countries in terms of redistribution, despite being a socialist country. Public spending is overly concentrated in cities, elite schools and so on.”

Officials are pledging to make schooling, housing and health care less costly and more evenly available outside big cities, and to lift incomes for workers, helping more people secure a place in the middle class. The “common prosperity” campaign has converged with a crackdown on the country’s tech giants to curb their dominance. Facing scrutiny, some of China’s biggest billionaires, like Jack Ma, have lined up to pledge billions of dollars to charity.

The pledges hold out the prospect, endorsed by Mr. Xi in a meeting last month, that China is now affluent enough to shift closer to the Communist Party’s longstanding ideal of wealth sharing. For Mr. Xi, the Communist Party’s long-term authority is at stake. » | By Chris Buckley, Alexandra Stevenson and Cao Li | Tuesday, September 7, 2021

On the NYT website, under the image, there are links of translations of this article into “Simplified” Chinese and “Traditional” Chinese for your ease and convenience.

Oxfam: 85 Richest People as Wealthy as Poorest Half of the World

The InterContinental in Davos

THE GUARDIAN: As World Economic Forum starts in Davos, development charity claims that growing inequality has been driven by a 'power grab' by wealthy elites

The world's wealthiest people aren't known for travelling by bus, but if they fancied a change of scene then the richest 85 people on the globe – who between them control as much wealth as the poorest half of the global population put together – could squeeze onto a single double-decker.

The extent to which so much global wealth has become corralled by a virtual handful of the so-called 'global elite' is exposed in a new report from Oxfam on Monday. It warned that those richest 85 people across the globe share a combined wealth of £1tn, as much as the poorest 3.5 billion of the world's population.

The wealth of the 1% richest people in the world amounts to $110tn (£60.88tn), or 65 times as much as the poorest half of the world, added the development charity, which fears this concentration of economic resources is threatening political stability and driving up social tensions.

It's a chilling reminder of the depths of wealth inequality as political leaders and top business people head to the snowy peaks of Davos for this week's World Economic Forum. Few, if any, will be arriving on anything as common as a bus, with private jets and helicoptors pressed into service as many of the world's most powerful people convene to discuss the state of the global economy over four hectic days of meetings, seminars and parties in the exclusive ski resort.

Winnie Byanyima, the Oxfam executive director who will attend the Davos meetings, said: "It is staggering that in the 21st Century, half of the world's population – that's three and a half billion people – own no more than a tiny elite whose numbers could all fit comfortably on a double-decker bus."

Oxfam also argues that this is no accident either, saying growing inequality has been driven by a "power grab" by wealthy elites, who have co-opted the political process to rig the rules of the economic system in their favour. » | Graeme Wearden | Monday, January 20, 2014