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China sets out its future

China sets out its future

The People’s Republic of China continues to develop its social nationalist economic approach following the changeover in party elections.

The policy address stresses “achieving common prosperity” (instead of allowing some people to become rich first) so that “the fruits of development will be shared by the people”. To do this, no effort will be spared to boost people’s incomes by “deepening the [wealth] distribution system.”

It is thus expected that the long awaited reform of the distribution system is to start after the congress. Outlines of the reform were unveiled last month, based on the principles of “increasing the incomes of low-income people, curbing excessively high incomes and to outlaw illegal incomes, so as to expand the middle income population.”

The document sets a goal of building a universal social security network to cover the whole population and improving medical insurance system – another measure in favor of domestic consumption.

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