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China's Xi calls for progress on property tax in drive for prosperity

China, still an avowedly socialist country, has vowed to reduce inequality after years of breakneck growth while stressing that people should still work hard to create wealth

Reuters

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China’s President Xi Jinping

2 min read Last Updated : Oct 16 2021 | 2:31 AM IST

China's President Xi Jinping warned against government over-promising on social welfare amid a push to achieve "common prosperity" by mid-century, while demanding progress on a long-awaited property tax that could help reduce wealth gaps. China, still an avowedly socialist country, has vowed to reduce inequality after years of breakneck growth while stressing that people should still work hard to create wealth.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)