Global investors and analysts have been scrambling to decipher "common prosperity" and its implications for China’s future policies and economic prospects. Perhaps the most important place to look for clues is in a manifesto that Xi delivered as a speech to officials at the CCP’s Central Financial Committee in August 2021—a long excerpt of which was later published in Qiushi in October 2021 with the title “Resolutely Advance Common Prosperity.” The manifesto makes clear a fundamental conundrum facing the CCP: how to tame the excesses of capitalism without stifling its entrepreneurial drive. Like governments all over the world, the CCP has not yet figured out how to have its cake and share it, too. Precisely because Xi has no road map to follow, he urges his comrades to adapt and experiment. The ultimate impact of common prosperity will depend on how officials at various levels of the hierarchy interpret and translate Xi’s aspiration into concrete policies.
Prof Ang has recently offered her insights on a related topic on Foreign Affairs. The article is available online at https://www.foreignaffairs.com/articles/china/2021-12-08/decoding-xi-jinping.
Prof Yuen Yuen Ang is an expert on China's political economy and the global impact of its rise, and more broadly, the political economy of development. A professor of politics at the University of Michigan and a PhD graduate of Stanford University, her work has been recognized for both its scholarly and public impact. More >>
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