China's push for 'common prosperity' may drive assets overseas if not for curbs

Singapore

CHINESE President Xi Jinping's vow for a fair redistribution of wealth is not an attempt to revive Maoist Utopianism, but rather an urgent need to rebalance the powers of state institutions, private firms and workers as it transforms to become a global engine for innovation.

Promoting income redistribution and "common prosperity" - a situation under which wealth is shared by everyone in the country - has become an important objective for Beijing, which has declared that it met its target of eradicating extreme poverty last year.