President Xi warned China’s burgeoning ranks of billionaires that they are expected to do more “repay society” as he set out new rules for the rich.
Under a scheme called “the third distribution”, Xi said that the newly wealthy must contribute more to achieve “common prosperity” nationally by 2035.
“We should reasonably adjust excessive incomes and encourage high-income people and companies to pay back more to the society,” a high-level meeting presided by Xi concluded, according to Xinhua, the official news agency.
More equal distribution of wealth is becoming a key political issue in China since Xi declared the government had eradicated “absolute poverty” earlier this year and had built a “moderately well-off” society.
First put forward in 1953 by Mao Zedong, the communist revolutionary,