To reduce inequality, China targets its rich

China not only tops the world in number of billionaires, having pulled away big time from the US, it is also the first country in the world to have 1,000 ‘known’ billionaires. There are more billionaires in China than the next three countries combined. growth in wealth of the country's super rich in 2020

All of China’s top 10 richest grew their wealth last year, even as ordinary people struggled to find jobs amid Covid lockdowns

Zhong Shanshan Pony Ma Huateng Colin Huang Zheng Jack Ma Yun

Zhang Yiming

Meanwhile, in terms of cities, three of the world’s five cities that are home to the highest number of billionaires are Chinese. Five Chinese cities are in the world’s top 10

head of Greater China economics at Macquarie Group

Net worth in $bn $85billion $74billion $69billion $55billion $54billion

A Tuesday meeting of the Central Committee for Financial and Economic Affairs, attended by Xi, outlined a series of socio-economic targets for the country. Key among them are:

Make basic institutional arrangements on income distribution Strengthen the regulation and adjustment of high income Raise incomes for people down the economic pyramid

Adjust excessive incomes and prohibit illicit income

Encourage high-income firms and individuals to give back to society more

PROPERTY TAX ON CARDS? Authorities have long talked about a property tax and have conducted trials to tax residential property in Shanghai and Chongqing since 2011. A high-level meeting in May indicated officials may be making a renewed push to implement it.

EYE ON INHERITANCE: China doesn’t have an inheritance tax, and imposing one would have an important regulatory effect on wealth distribution, Shi Zhengwen, a tax law professor at China University of

Political Science and Law, was cited by financial media outlet Yicai as saying

Bargain collectively for wages

Listed companies to raise cash dividends to shareholders

Farmers to pursue entrepreneurship strategies Promotion of development of financial products to benefit residents