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Understanding China's pursuit of common prosperity

   People's Daily App   08:45, October 21, 2022

Common prosperity, an essential requirement of socialism and a key feature of Chinese-style modernization, aims to create a future where prosperity is shared by everyone in the country.

While the term "common prosperity" has sparked interest and attracted attention, it has also caused misinterpretations from some overseas observers.

For example, some misinterpret common prosperity in China as egalitarianism, saying it means "robbing the rich to help the poor."

But the fact is that in China, the prerequisite of common prosperity is that the cake must continue to get bigger. It allows some people to become well-off first, who then inspire and help the latecomers. The protection of legitimate private property has been written into the China's Constitution, and China will not opt for a robbing-the-rich-for-the-poor approach.

Rather than being egalitarian or having only a few people prosperous, common prosperity refers to affluence shared by everyone, both in material and cultural terms. Common prosperity will be advanced step by step.

Some misinterpret that common prosperity and the encouraged "tertiary distribution" mean that charitable donations could be compulsory.

China’s officials have explained that charitable donations should be encouraged through taxation policies and can improve the distribution structure, but donations are not compulsory.

Tencent, China’s tech giant, explains in this video how its foundation works and what they try to achieve through public welfare. As a resource connector, the company hopes it can ignite more enthusiasm and encourage more participation in public welfare programs.

Achieving common prosperity will be a long-term, arduous and complicated task that should be promoted in a gradual and progressive manner. Local authorities will be encouraged to explore effective ways that suit local conditions.

China issued a guideline in 2021 on building the coastal Zhejiang Province into a demonstration zone for achieving common prosperity. In the past decade, Zhejiang has achieved balanced and coordinated development. The province’s Eshan and Fenghuang villages in this video have found their own ways to create a better life for the people.

Common prosperity should be promoted following a people-centered development philosophy with high-quality development.

The pursuit of common prosperity emphasizes the balance between efficiency and fairness, as well as the development of a set of institutional arrangements based on a coordinated three-tier income distribution system.

Click on the video to learn more about China’s pursuit of common prosperity.

(Produced by Cheng Weidan, Shan Xin, Liang Peiyu, Lu Dong and Xu Zheqi; Story by Xu Zheqi)