It¡¯s been a year of overwhelming change for China, and the fundamental shift in the relationship between the country¡¯s government, businesses and citizens is a long way from complete.
Chinese President Xi Jinping¡¯s push for ¡°common prosperity¡± ¡ª aimed at narrowing the nation¡¯s persistent wealth gap ¡ª underpins moves to limit the power of China¡¯s technology giants, to cool ever-rising house prices, to encourage philanthropy and to embrace clean energy. The drive has dovetailed with a clampdown on the entertainment industry that has targeted livestreamers and actors over tax evasion, and placed ¡°improper¡± celebrity culture under scrutiny.
The changes look set to last. A landmark historical resolution published in November ¡ª only the third of its sort in the Chinese Communist Party¡¯s history ¡ª puts common prosperity at the heart of the government¡¯s aims. The doctrine also sets up Xi, who is expected to secure a precedent-breaking third term at next year¡¯s party congress, to potentially rule China for life.
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