But some private firms are worried Chinese president’s call may be a prelude to tax hikes as debt-ridden local governments struggle to boost fiscal revenue
Yew Lun Tian
Private Chinese and foreign firms have been waiting for Beijing to flesh out details on how it intends to pursue “common prosperity”, Xi’s signature initiative to narrow China’s wealth gap, and how it expects private firms to contribute. “Be rich and responsible, be rich and benefit others, be rich and loving,” state radio cited Xi as saying.
He said it is unfair to expect private firms to share the social responsibility for “common prosperity” with state-owned firms, which enjoy privileged access to markets and preferential loans not always available to private firms.
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