Prosperity for All
Even for a country whose business environment is always so dynamic, the current period is notably vibrant. The Chinese government has declared the new fundamental goal underlying its policies is the attainment of common prosperity, a more even redistribution of wealth across the nation’s population, and this is driving changes in many sectors. Some observers have suggested the policy could inhibit a continuation of the unprecedented growth China has experienced over the past few decades, but others argue, and with merit, that this change is merely a shift from one growth model to another. China’s growth has long been predicated on the idea of “letting some people get rich first”—a notable quote from former leader Deng Xiaoping—but such wealth-led growth was inevitably going to plateau, to some extent leaving behind, in…