Counting the Cost

Is this the end of China’s experiment with capitalism?

President Xi Jinping launches sweeping socialist reforms to address inequality in the world’s second biggest economy.

Since President Xi Jinping became head of the Communist Party in 2012, he has launched an anti-corruption purge, interned millions of Uighurs and crushed the hopes of pro-democracy protesters in Hong Kong.

Now, Xi has got his eye on a huge segment of the economy that has powered economic growth in recent years: billionaires, celebrities, property, gaming and technology companies. He argues the side-effect of growth has been inequality and that it is time for “common prosperity”. Iris Pang, the chief economist for greater China at ING Bank, sheds further light on this.

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