Skip to main content

HOW CHINA IS REDISTRIBUTING WEALTH AND BUILD A FAIRER SOCIETY


  


Cleaners walk past a luxury goods store at an upscale retail area in Beijing, China.

How China’s ‘Common Prosperity’ Drive Is Redistributing The Wealth

  China’s Communist Party has decided it’s time to redistribute the wealth and build a fairer society. As the number of billionaires — and their bank accounts — ballooned in recent decades so did the inequality gap. Now, Xi Jinping wants things to change, and the socialist buzzword is “common prosperity.”

Among the aims of common prosperity are raising the income of urban and rural residents, reducing the wealth gap and promoting equal access to services, officials have said.

Entire sectors have been ordered to change the way they do business. The once hugely lucrative after-school education industry was decimated overnight by a regulatory decision to ban for-profit tutoring and big tech was hammered by a wide-ranging anti-monopoly crackdown. Then came celebrities who evade taxes, food delivery giants who hire workers without full contracts and video-gaming giants who let youngsters play on their platforms. It seems nowhere is safe from scrutiny. The question is, where will the ax fall next?

  • 65The number of times Xi Jinping mentioned "common prosperity" in speeches and high-level meetings in the first eight months of the year
  • $5 billionHow much just seven of China's top billionaires have given away to charities so far this year
  • 996Slang in China for the common practice of working 9 a.m. to 9 p.m., six days a week, which the government has warned against

Comments

Popular posts from this blog

$100 MILLION STOLEN BY HACKERS IN CRYPTO HEIST

  Hackers steal nearly $100m in Japan crypto heist IMAGE SOURCE, Liquid has been hit by hackers, with almost $100m (£73m) estimated to have been stolen. Leading Japanese cryptocurrency exchange Liquid has been hit by hackers, with almost $100m (£73m) estimated to have been stolen.  The company announced that some of its digital currency wallets have been "compromised." It is the second major theft of cryptocurrencies to take place in recent days.                 Last week, digital token platform Poly Network was at the centre of a $600m heist. "WE ARE SORRY TO ANNOUNCE THAT #LIQUIDGLOBAL WARM WALLETS WERE COMPROMISED, WE ARE MOVING ASSETS INTO THE COLD WALLET," THE COMPANY SAID ON TWITTER. So-called 'warm' or 'hot' digital wallets are usually based online and designed to allow users to access their cryptocurrencies more easily, while 'cold' wallets are offline and harder to access and therefore usually more secure.                            

ACTRESS SENTENCED TO SIX MONTHS IN ISLAMIC SCHOOL

    Sharia Court Sentences Kannywood Actress To Six Months In Islamic School The actress, Sadiya Haruna was handed the sentence on charges of “indecent social media postings.” Credit: Instagram | Sadiya Haruna The actress, Haruna, a resident of Kabuga Quarters was initially arrested on Friday by the Head of Surveillance Department of Kano State Hisbah Board, Malam Aliyu Usman. She was then detained in the custody of the Islamic police until early Monday when she was brought before the Sharia court sitting in Sharada area of the state. According to the First Information Report (FIR) filed against her, she was alleged to have consistently posted indecent videos in which she was dancing seductively and making sexual comments on her social media handles and YouTube channel. The accused person pleaded guilty to a one-count charge of obscenity and indecent act, which contradicts section 355 of Penal Code Law 2000. The presiding judge, Justice Ali Jibril Danzaki thereafter convicted her a

Countries Accepting Nigerians Seeking Second Citizenship

  Countries Accepting Nigerians Seeking Second Citizenship Nigerians are able to access the following citizenship and immigration programs: The Caribbean Second Citizenship Programs, Caribbean nations like St. Kitts & Nevis, St. Lucia and Grenada offer second citizenship through their respective Citizenship-by-Investment programs. A holder of one of these passports may travel visa free to about 135 countries, including all European Union countries, the UK, Russia, Turkey, Singapore and Hong Kong. Holding a citizenship from one of these respected countries may also make it easier to obtain residency status or study in other countries, and allows political security and makes it easier to open bank accounts in foreign jurisdictions. To qualify, an applicant needs to be of good reputation and make a government donation of at least $100,000 USD after approval of their citizenship application.  Approval of a Citizenship-by-Investment application normally takes about 3 months, and all de