In August 2021, the term “common prosperity” emerged in a meeting chaired by the Chinese Communist Party (CCP) ’s general secretary Xi Jinping. 

Since then, “common prosperity” has scared the rich in China because it is understood that the CCP will take assets from the rich and redistribute them. 

There are also concerns that the CCP confiscates money from the rich, but the money won’t reach the poor because of corruption by its members.

Bloomberg cited sources saying that at least four state-controlled securities or financial firms in China are drafting plans to shrink the difference in earnings between leaders and employees.

In Hong Kong, at least two banks have done that in their domestic and foreign branches.

CCP regulators met with senior management from Credit Suisse, Goldman Sachs, UBS, and other foreign investment banks to remind them not to be too generous about salary because this is not in line with China’s “common prosperity” policy.

According to the Hurun Charity List 2022, the number of Chinese “philanthropists” donating more than $14 million (100 million yuan) has increased by ten people from last year to 49—a record high. As a result, these Chinese rich have donated $72.8 billion in the past year.

The Hurun report shows that the number of rich people in China decreased significantly in 2022. 

This year, China has 1,305 rich people with over $5 billion in personal assets, 160 fewer people than last year. The rate of decrease is 11%.

According to Apollo News, Xie Tian, a professor at Aiken Business School, said on November 18 that wealthy Chinese are forced to donate.

Xie said that Xi Jinping would use various methods to require private businessmen to hand over their assets.

He added that the CCP is now doing precisely the same thing as land grabbing in previous proletarian revolutions.

Xie believes that the purpose of common prosperity is to rob money and control the capital of the whole society.

News commentator Yue Shan, on November 19, asked why the wealthy CCP officials and their families had not been affected by the process of implementing the common prosperity campaign.

Yue Shan said there is little doubt that Jiang Zemin’s family fortune is in the hundreds of billions of dollars, but his descendants, Jiang Mianheng or Jiang Zhicheng, have never been seen on the rich list in China.

China has many other powerful families, such as the brothers Zeng Qinghong, former vice president; Jia Qing Lin, Former President of the Chinese People’s Political Consultative Conference; and the Wu Guanzheng family, former Secretary of the Central Commission for Discipline Inspection. 

Everyone knows they are wealthy and powerful, but they are not to be found in the list of the rich in China.
Commentator Wang He on November 18 said that the effect of the CCP’s cuts on CEOs’ salaries in State Owned Enterprises is unclear because SEO officials derive their revenue mainly from corruption, not salary.

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