Tuesday, November 30

How China’s “Common Prosperity” Doctrine Can Impact the Rest of the World

  • Karishma Vaswani
  • Asia Business Correspondent

A person takes pictures in front of a large Communist Party poster in Shanghai.

Image source, Getty Images

China claims that its policies to reduce the growing inequality in the distribution of wealth are just what it needs at this point in its economic development, but critics say they bring with them greater control over companies and society in general.

And while this quest for “common prosperity” focuses exclusively on the people of China, it could have profound repercussions around the world.

One of the consequences of the “common prosperity” policy has been that Chinese companies have re-prioritized the domestic market.

Tech giant Alibaba, which in recent years has raised its global profile, has just committed US$15.500 millones on projects related to “common prosperity” in China and establish a working group, led by Daniel Zhang, its chief executive officer.


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