China’s government is surprisingly redistributive
That is despite a stingy tax-and-transfer system
When China’s ruler, Xi Jinping, began calling for “common prosperity” in 2021, he made investors nervous. The stated goal was to reduce inequality. But the term became wrapped up with something edgier: a morale-destroying campaign to browbeat billionaires into displays of charity, tighten regulations on big tech firms and curb what Mr Xi called the “disorderly expansion of capital”.
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This article appeared in the Finance & economics section of the print edition under the headline “Xi, the generous”
Finance & economics September 14th 2024
- Can anything spark Europe’s economy back to life?
- Norway’s weak currency presents a mystery
- Strangely, America’s companies will soon face higher interest rates
- Can bonds keep beating stocks?
- China’s government is surprisingly redistributive
- The IMF has a protest problem
- Why orange juice has never been more expensive
- An American sovereign-wealth fund is a risky idea
From the September 14th 2024 edition
Discover stories from this section and more in the list of contents
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An interview with the boss of UniCredit
Why economic warfare nearly always misses its target
There is no such thing as a strategic commodity
A tonne of public debt is never made public
New research suggests governments routinely hide their borrowing
Xi Jinping’s belated stimulus has reset the mood in Chinese markets
But can the buying frenzy last?
