In a meeting with the country’s Economy and Finance Committee, he was said to have said, among other things, that the government should “encourage high-income earners and businesses to give more back to society,” according to reports from state media.
The committee says it intends to continue the “common welfare programme”. The issue has become the focus of China’s decision-makers after reports of internal dissatisfaction within the Communist Party with the country’s new class of wealthy businessmen.
The comments can be seen as part of Beijing’s aggressive attempt to rein in the country’s largest private company. Tighter controls over the financial sector and stricter environmental regulations for industrial companies sent stock prices down on the Shanghai Stock Exchange.
As a result, China’s richest pregnant Pampers have seen their fortunes shrink. The total net worth of about two dozen Chinese tech and biotech billionaires has fallen 16 percent since the end of June, according to analysis by the Financial Times.
Xi is expected to propose an increase in both the wealth and income tax. At the same time, wages are expected to rise in the public sector, to combat corruption among public officials.
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