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China’s 20th Party Congress
ChinaPolitics

China’s Communist Party cements ‘common prosperity’ as core economic agenda

  • Constitutional revisions also call for acceleration of the ‘dual circulation’ concept
  • Decision comes as structural problems mount at home and headwinds gain strength abroad

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Chinese leader Xi Jinping’s fresh push for shared wealth as a strategic goal has been in the spotlight at the 20th party congress. Photo: Reuters
Orange Wang
China’s Communist Party has cemented “security” and “common prosperity” as high priorities on its economic agenda by adding the “dual circulation” strategy and pursuit of “high-quality development” to the party constitution.
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The revisions came amid fierce debate about whether Beijing is leaning towards a more inward course and prepared to sacrifice some growth to counteract widening socioeconomic inequality as structural problems mount at home and headwinds gain strength abroad.

In a resolution delivered at the close of its national congress on Saturday, the party confirmed that the target of “gradually achieving common prosperity for all” had been etched into its constitution.

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China’s 20th party congress concludes with bigger than expected leadership reshuffle

China’s 20th party congress concludes with bigger than expected leadership reshuffle

Although “common prosperity” was already in the charter, its context is expected be restructured to put fresh focus on the goal when the full text of the changes are made public.

Chinese leader Xi Jinping’s fresh push for shared wealth as a strategic goal has been in the spotlight at the congress.

Delivering his work report to more than 2,000 party delegates last Sunday, Xi ramped up his “common prosperity” rhetoric by speaking for the first time about tightening oversight of the way wealth is accumulated.

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The response among analysts has been mixed, with some seeing it as “a warning signal” for the wealthy despite repeated denials from authorities that they will impose a Robin Hood-style tax.

The party’s new constitution has underscored the shared development of the non-public sector as a part of the “important pillar” of China’s economic system, with the public sector as the main body.

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