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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

Xi Jinping, Chinese President
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China’s President Xi Jinping

Reuters
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.
 
In an essay in the ruling Communist Party journal Qiushi, published by the official Xinhua news agency on Friday, Xi also called for China to "vigorously and steadily advance" legislation for a property tax.
 
China has

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First Published: Oct 16 2021 | 2:31 AM IST

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