Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

Xi Stresses Promoting Common Prosperity, Forestalling Major Financial Risks

Wed 18 Aug 2021 | 12:05 PM
Ahmad El-Assasy

President Xi Jinping emphasised on Tuesday the importance of promoting common prosperity in the pursuit of high-quality growth and coordinating efforts to avoid severe financial dangers.

At the ninth meeting of the Central Committee for Financial and Economic Affairs, Xi, who is also the general secretary of the Communist Party of China Central Committee and the chairman of the Central Military Commission, delivered the statements.

Xi, also the committee's chairman, called for adhering to the people-centered development ideology and fostering common prosperity while pursuing high-quality growth, saying that it is a fundamental requirement of socialism and a significant feature of Chinese-style modernisation.

The president noted that finance is at the heart of the contemporary economy and that measures to avert large financial risks should be coordinated in accordance with market principles and the rule of law.

Other Chinese leaders who attended the meeting included Li Keqiang, Wang Yang, Wang Huning, and Han Zheng.

The meeting heard reports on expanding common prosperity, avoiding severe financial risks, and stabilising financial development from relevant ministries.

The focus of fostering people's well-being should be centred on boosting common prosperity as China approaches its second centennial target, according to the conference, in order to establish the foundation for the Party's long-term rule.

Common prosperity, rather than being egalitarian or having only a few people succeed, refers to opulence shared by all, both in material and cultural terms, and will be achieved step by step, according to the report.

The discussion asserted the importance of providing more inclusive and equitable conditions for inpiduals to receive better education and build their development potential, as well as shaping a development environment that allows more people to become wealthy.

The gathering called for the creation of a scientific public policy framework and a fair distribution system that benefits everyone, with a focus on primary and inclusive projects that improve people's lives and meet their basic needs.

It pointed out that achieving common prosperity would be a long-term, difficult, and intricate undertaking that should be pursued in a gradual and progressive manner, and that local governments would be encouraged to develop viable solutions that fit their specific circumstances.

To promote social fairness and justice, the meeting asserted efforts to properly deal with the relationship between efficiency and fairness, make basic institutional arrangements on income distribution, expand the size of the middle-income group, increase low-income group earnings, adjust excessive incomes, and prohibit illicit income.

The meeting stressed the need of developing balanced, coordinated, and inclusive development, emphasising that China should improve its socialist market economy, strengthen regional balance, and encourage coordinated development across industries.

The group agreed that basic public services should be made more equally available by boosting inclusive human resource investment and upgrading aged care, medical security, and housing supply systems.

The meeting pointed out the importance of using legal tools to safeguard property rights, intellectual property rights, and money-making, as well as facilitating the well-regulated and healthy development of various types of capital.

It also highlighted the importance of common prosperity in addressing people's spiritual and cultural needs. In the meantime, the government should promote common prosperity among farmers and in rural areas, consolidate and expand poverty-eradication achievements, and develop rural vitalization on all fronts.

The meeting recommended that efforts be made to strike a balance between ensuring stable growth and preventing risks, consolidate economic recovery momentum, ensure high-quality economic development to defuse systemic financial risks, and prevent secondary financial risks while addressing risks in other areas.

The meeting underscored the importance of making financial supervision more digital and intelligent, adopting coordinated actions to punish financial misconduct and avoid and control financial risks, and speeding up critical reforms.