This paper aims to analyze the concept and policies of ‘Common Prosperity’ in contemporary China, focusing on the relationship between growth and distribution. Needless to say, common prosperity is a key reference of the Chinese political economy ...
This paper aims to analyze the concept and policies of ‘Common Prosperity’ in contemporary China, focusing on the relationship between growth and distribution. Needless to say, common prosperity is a key reference of the Chinese political economy of today. It reveals the basic ideas and plans of the Chinese leadership and government of growth and distribution from the period of Chairman Mao Zedong to President Xi Jinping. It also covers the respective conditions and policy direction of each period. Now it becomes one of the core banners and policies of Chinese government. This paper divided the entire period of contemporary China from Mao Zedong to Xi Jinping into three periods: the first period (Mao Zedong) that emphasized distribution over growth, the second period (Deng Xiaoping, Jiang Zemin, Hu Jintao)that focused on growth than distribution, and the third period (Xi Jinping) that pursues the harmony between growth and distribution. During the first period, the pursuit of "Prosperity" through emphasizing "Common" resulted in a kind of “Common Poverty.” In the second period, the pursuit of "Common" through highlighting "Prosperity" achieved remarkable results in terms of economic growth but caused serious inequality. Since then, the third period has called for a simultaneous and balanced pursuit of "Common" and "Prosperity" as both an economic deceleration and an increased demand for fairness as wellhave been eminent. However, the Xi Jinping administration not only adheres to the existing growth- distribution relationship but rather strengthens the state's control over business and society under the slogan of “Common Prosperity.” In sum, the history of common prosperity both in theory and in practice shows the various patterns of the growth-distribution relationship stemming from the state's policy. Especially the fundamental limitations of the common prosperity result from the state itself, an inventor of the concept. Should the Chinese government fail to achieve harmony and coexistence between growth and distribution, the ultimate goal of common prosperity would be far from the expected success.