Common prosperity for everyone is a hallmark of Chinese modernization and has always been one of the most prominent goals for the Communist Party of China (CPC).
Major economic policies implemented after 1949, including land reform and reform and opening up, are all serving a shared, thriving end. Allowing for some people and regions to become rich first and consequently help others get on their feet, the strategy of reform and opening up is ultimately to achieve prosperity for all. The CPC Central Committee today marks achieving prosperity for all as an imperative task on the journey toward national modernization.
The concept of common prosperity requires powerful economic foundations, high social efficiency and a fair distribution of social means. Development, sharing and sustainability are key elements: Development is the premise, sharing serves as the basis, and sustainability acts as the guarantee.
China must adhere to the philosophy of innovative, coordinated, green, open and shared development, evolve its capabilities in independent innovation and improve economic efficiency as to accumulate more social wealth plus a more advanced know-how in the creation thereof. It must also narrow the development gaps among different regions as well as those between urban and rural areas to better balance the growth of the entire country.
However, common prosperity doesn't equal egalitarianism, nor will it be achieved by cutting the wealth of those who get rich first. Instead, it should be realized by perfecting the social distribution system and improving the institutional arrangement of primary, secondary and tertiary allocation. In addition, taxation, social security and payment transfer procedures should be fortified to multiply the percentage of the middle-income group, increase the earnings of the low-income group and properly regulate high incomes, ultimately achieving riches for all.
Achieving common prosperity is a long-term and complex project that consists of two phases. The first phase is to shape more remarkable and pragmatic progress by 2035; the second phase is to basically achieve the goal in the middle of the century. Throughout this process, the Chinese Government must adhere to the nation's long-standing people-centered development philosophy and make determined efforts with even greater perseverance than it did in the battle against extreme poverty.
(Print Edition Title: Challenge and Contribution)
