China to Test Income Redistribution Reforms in Zhejiang Province
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China will test income redistribution reforms in the eastern province of Zhejiang, which will become a pilot zone for policies to promote “common prosperity” as the government explores ways to boost consumption by reducing inequality.
The Zhejiang government will seek to narrow the development gap between rural and urban areas, promote high-quality growth and develop public services, according to a State Council guideline published Thursday. It will also “properly adjust excessively high incomes,” crackdown on illegal income, and encourage entrepreneurs to develop philanthropy projects to give back to society.