To understand what President Xi Jinping envisions in his calls for "common prosperity,” look to the pilot program underway in the wealthy province of Zhejiang — home to 65 million people and some of China’s most successful private companies.
Xi’s mounting campaign to spread the wealth has sent shock waves through the economy, triggering market sell-offs and speculation that China will reverse reforms that have lifted incomes nationally and created a class of powerful billionaires.
In fact, there is already evidence of how far Beijing intends to go. In June, the national government designated Zhejiang, China’s third-richest province, to pilot policies designed to reduce inequality. In July, it released detailed targets.
With your current subscription plan you can comment on stories. However, before writing your first comment, please create a display name in the Profile section of your subscriber account page.