China Is Making “What’s Mine Is Yours” A Reality

New Delhi, 20th August 2021: In China, now the wealth of the rich will be distributed among the poor. Chinese President Xi Jinping has taken this important decision. This has increased the pressure on the rich people and businessmen of the country to return more to society.

President Xi Jinping told top leaders of the ruling Chinese Communist Party on Tuesday that the government should make money redistribution a system for social fairness. During this, he said that it is necessary to regulate the very high income properly and encourage the rich people and businessmen to return more to society. However, it is not yet known how Xi will achieve these goals. But it is believed that the government will try to fulfill it through tax and other options.

Xi highlighted the need for shared prosperity among the Chinese people for the party to maintain power. He resolved to transform the country into a fully developed prosperous and powerful nation by 2049. China will also celebrate the 100th anniversary of the country’s formation in 2049. Xi said during the party’s economic meeting that general prosperity is the prosperity of all people. Significantly, this economic meeting is held every few months to determine the policy.

China has transformed from a poor country into the world’s second-largest economy and one of the biggest forces in trade and technology. But in the midst of all this, the gap between rich and poor in the country is also increasing continuously. 2019 For the first time, the number of rich in China exceeded the number of rich in America. This is what is bothering President Xi Jinping. Xi acknowledged on Tuesday that the party helped make some people rich after economic reforms in the 1970s. But Xi, who has been in power since 2012, has begun to value the general prosperity of all peoples.

Xi’s take on the redistribution of money is aligned with his government’s broader goals for the economy. In recent months, the country has launched unprecedented actions in technology, finance, education and other sectors in the name of reducing financial risk, protecting the economy and eliminating corruption. However, a crackdown on private enterprises has shocked global investors. This has given rise to apprehensions about the prospects of innovation and development in China’s economy.