Common Prosperity (Chinese Concept Of)

Abstract

In China the idea of common prosperity dates back to 1953. After 1979 China chose to let some people and places get rich first in order to accelerate economic development. The result was extraordinary sustained economic growth but at the expense of large increases in urban–rural, regional, and social inequalities in income and wealth, themselves associated with the growth of private capital and a strong increase in mass incidents. In 1999 the Communist Party of China started to address urban–rural and regional disparities in the name of common prosperity, while under the leadership of Xi Jinping the emphasis on common prosperity has increased markedly alongside domestic goals relating to innovation, improved governance, and ecological and spiritual civilization. Starting in 2020 this course has seen strong government action against the disorderly expansion of private capital, monopolies, speculation and the costs of privately provided education and housing, and the establishment of a demonstration zone in Zhejiang province.