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Wealth Taxes Poised to Take Years Under China Prosperity Push

Sept. 6, 2021, 11:01 PM

China’s leaders have been signaling that they intend to use new taxes to meet their “common prosperity” goals, but analysts following the developments say most such initiatives will require years to be fully formed.

Top policymakers in Beijing said in August that they would employ tax policy, social security, and transfer payments to tackle inequality and “unreasonable” incomes, part of President Xi Jinping’s effort to address the growing wealth gap in the Asian economic superpower.

Xi has targeted 2035 as the year in which China is to reach the status of “modern socialist country.” Measures could include new levies on ...

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