Will China's "common prosperity" impact the world?

Will China's "common prosperity" model impact the world? Pascal's China Lens week 69
#chinasnewnormal #commonpropserity

TIMESTAMPS
00:00 The most unnoticed trend from China: Common Prosperity
02:01 How equal is Chinese society? 1. 600 million poor 2. A high 4,7 Gini-index 3. Power of Money 4. Lots of excesses
05:37 What are China's systemic challenges that cause inequality? 1. Lots of left-behind and vulnerable people 2. Property bubble with no housing tax 3. Anti-Money Laundering 4. Lack of giving back to society mindset amongst the rich
09:19 Is Common Prosperity an answer against problems of capitalism? Yes. 1. Polarization 2. extreme. money spending and wealth gathering by the rich 3. division and populism of society 4. collapse of the middle class
11:37 Is China's Common Prosperity a new concept? No. 1. It is part of 2500 years of culture dating back to Xiaokang (moderate prosperity) and Datong (great unity) goals of Chinese society
13:43 What are the main drivers of Common Prosperity? 1. It's grown from China's history and culture 2. It has been elevated as priority by Xi Jinping since 2020. 3. Its a embedded in a global plan for common harmony 4. It's been written in many policies of Beijing
14:58 What is Common Prosperity not about? 1. It's not about taking from the rich 2. It's not anto-kapitalism 3. It's not about egalitarianism 4. It's not about China turning back inwards
16:59 What is Common Prosperity about? It's about the rich to change mindset of giving back 2. It's about making the economic and middle class pie bigger 3. It's about fuelling entrepreneurship en consumption 4. It's about working class to keep working hard, but get rewarded better for it.
19:04 How will Common Prosperity work in China? 1. It's a pragmatic stepping stone plan to cross that river 2. It's getting tested in Zhejiang province now and more later 3. It will accelerate due to more capital controls with launch of CBDC 4. It started in 2021 with all the new business regulations that Beijing made
23:44 Will Common Prosperity work in China? 1. The mindset change will likely work. 2. new model to give back will be systemic like CO2 pollution tax 3. It will be challenging to get consumption growth though 4. China will need a new growth engine to make it work well - maybe green production?
28:36 Can China's Common Prosperity become a model for the world? If it succeeds, it can surely. But even if it fails, it will have changed China for the better.

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