Xi promises ‘third distribution’ of wealth in billionaire crackdown

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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,

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