/ 20 August 2021

Chinese billionaires mugged by communism

Chinese President Xi Jinping is putting pressure on the country’s rich to cough up in the interest of “social fairness”. On Tuesday, Xi told leaders from the ruling Chinese Communist Party that the government must establish a system to redistribute wealth and “return more to society”. The gap between China’s rich/poor and rural/urban citizens has widened in recent years. In 2019, the number of rich Chinese surpassed the US for the first time. And adding to the strain was new data showing China’s recovery is slowing and the unemployment rate among young people is worsening. As for how Xi plans to go about reeling in the rich – there’s little detail on that just yet.

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