China's Wealth Crackdown: Can President Xi Achieve A Fairer China? | Insight | Full Episode

On August 21, 2021, Chinese President Xi Jinping launched the Common Prosperity campaign to remake the world’s second largest economy. Its main objective is to narrow the growing wealth gap between the rich and poor. Among others, wealthy individuals, big tech companies, the education sector and real estate developers were unsparingly targeted. Many have been taxed and are encouraged to do more to return to the society.

But the move to rein in private capital has left many investors nervous about the future growth of their business. There have been anxiety and apprehension that Xi Jinping’s new campaign will revive Mao Zedong’s ideology of egalitarianism and that Common Prosperity may again lead to Common Poverty.

How will the Common Prosperity initiative change China’s future? And with the current economic slowdown and the supply disruptions caused by the war in Ukraine, will the campaign help bridge the gap between the rich and poor? Or will it cause further damage to its economy?

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[nswlite]

Deng xiaoping said “let some ppl get rich first, so they can help the rest of ppl get rich together.”
most of ppl only sees the first part of the sentence

[whitemoon]

As Lee Kwan Yu said, if you want to know how a country is doing you should look at the bottom 20% of its citizens not at the top 10%. On this scale China has to take this necessary and painful step. Imagine if you have market of GDP per capita of 20, 000 in China how big the market would be. They don’t have to depend on exports market anymore.

[arnulfoesguerra]

Chi Shin Yu can do her version of Tang Ping only because her parents belong to the upper class of society, unlike the common middle class

[jimbennett]

If I am understanding the situation accurately, Qi Xinyu exemplifies the honest, ethical young person who desires to contribute to the betterment of humanity. It is critically important for all peoples of the world to recognize and work toward a harmonious, healthy environment.

[metalextras]

Thank you CNA team for your diligent research and quality editing...

[obsidianstatue]

companies makes money from the society, using public infrastructure and supply chains managed by the government and society, should also be expected to contribute back to the society.

[arbaz]

Excellent Documentary ❤.After DW, your documentaries are the one I look forward to.Keep it up 👍.

[MyGodYah]

I respect what China is trying to accomplish.

[allenwong]

What's wrong with china's common prosperity? Here in Canada common prosperity is prastice everyday through income tax. The more you make the more tax you pay. And Canada has transfer payments to poorer provinces from richer provinces.
If China does it, it's a bad thing. What about other countries like Canada? The West is totally bias in their reporting.

[gernothassenpflug]

It's beautiful how governments can maintain this perpetual motion: first, dupe people into buying into some "plan" (any plan), and then continuously maintain legitimacy by providing "solutions" for all the problems that flow from any particular "plan".

[cosmoray]

Everything described in this episode is not unique to China.
It is all over the world.
Cost of housing is so expensive.
Graduates are working in jobs there don't want to be in.
This generation and one thing they all have in common is entitlements.
We have that here in Canada as well.

[janetphoung]

The wisest thing that should be on everyone's mind currently should be. To invest in different streams of income that doesn't depend on government, especially with the current especially with the current economic crises around the world.

[VemiX]

As far as I can gather, and I am no doubt oversimplifying this, China is doing a huge amount of trial and error and on a huge scale constantly and to various outcomes from total failures to great success and everything in between and it's apparently obvious that China has quite a bit of work and challenges to do going forward. My point is that China is always doing something no matter how small or radical to address the problems they are facing which in my opinion is more than a lot of people can say about their respective governments.

Again, it is clear that there are some major and pressing issues that need to be sorted as soon as possible and it will be interesting to see how China will deal with this going forward. On a personal note, I am glad to see that people understand that everything has a price and that progress does not come cheap and quick. Yeah, it's maddeningly frustrating at times (especially for younger people) but as long as something is being visibly done then things become at least a bit more tolerable.

I wish China and it's people's the best of luck as I do for any other nation and I hope we will all come out of all of today's global difficulties towards a better way and at least a bit wiser to boot.

[barnard]

Successful people don't become that way overnight. What most people see at a glance wealth, a great career and purpose is the result of hard work and hustle over time. I pray that anyone who reads this will be successful in life

[greatasia]

Mini-BBC should do one show about Singapore's extreme rich poor divide also.

[petergarcia]

It is clear..it is the one that is the most disciplined and unafraid of making change to meet the standards of today's society. Those are the most companies that will gain and earn trust of the people.

[popcorn]

Lots of china supporters in Singapore. We will do very well with common prosperity here since everyone supports china's growth in the region. Must align our destiny with china. Will someone talk to LKW?

[_fan_i_oslo]

Always like the balanced view from CNA.

[wadafik]

What China experiences can also be felt all over the world but in a much higher level. When the term "tang ping" first come up, I can also very much relate to it.

[begotten]

Kudos Singapore 🇸🇬 for your reporting on China 🇨🇳 👏👏👏