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Chinese president outlines big role for private capital – as long as it’s on a regulatory leash
- Capital must be monitored to ensure it aligns with common prosperity goal, Xi Jinping says
- Speech comes as economy makes hard weather of coronavirus outbreaks
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Chinese President Xi Jinping has highlighted the importance of private capital to development as the country tries to rally an economy battered by the coronavirus and regulatory storms.
But he also told a Politburo meeting on Friday that capital must be monitored to ensure that it did not undermine the Communist Party’s vision of common prosperity.
“By its nature, capital pursues profits, and if it is not regulated and restrained, it will bring immeasurable harm to economic and social development,” state news agency Xinhua quoted him as saying.
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“Attention should be paid to ensure economic development is inclusive and the primary distribution [of income] is fair.
“We will unswervingly follow the road of common prosperity for all the people,” he said, referring to efforts to tackle social and economic inequality.
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China’s harsh Covid restrictions leave thousands of migrant workers in limbo
China’s harsh Covid restrictions leave thousands of migrant workers in limbo
He said China should encourage all types of capital to drive technological advances, market growth and improvements to the quality of life.
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