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What is common prosperity?
Common prosperity, a term connected to the Chinese Communist Party since the 1950s, generally describes a goal of reducing social inequality and spreading wealth across society. The concept encompasses wealth redistribution, expanding the middle class, increasing earnings for low-income groups, cracking down on illegal sources of income, having wealthy individuals and enterprises give back (“third distribution”), tax policy (e.g. capital gains, property, estate, corporate), social security and transfer-payment policies, and bolstering the rights of workers and consumers.