Pursuing Common Prosperity

Capital Week Issue 67, 2021

Chinese President Xi Jinping, also general secretary of the Communist Party of China Central Committee, urged efforts to promote common prosperity in the pursuit of high-quality development and coordinate work on forestalling major financial risks when presiding over the 10th meeting of the Central Committee for Financial and Economic Affairs on August

17. He emphasized that realizing common prosperity is the essential requirement of socialism, and it is also an important feature of modernization in the Chinese way.

Currently, the principal contradiction facing Chinese society has become the one between people’s ever-growing needs for a better life and unbalanced and inadequate development. Promoting common prosperity is to solve the problem of unbalanced and inadequate development. The modernization which China pursues is defined by common prosperity.

The prerequisite for common prosperity is high-quality development.

It is about “making the cake bigger and better” so that all Chinese can share the benefits of development.