Why China stresses common prosperity

Sustained innovation

Innovation is expected to play a vital role in the pursuit of common prosperity.

As a leading player embracing the digital economy, Zhejiang has set an example in innovative development, which perfectly echoes the prerequisite of common prosperity -- to make a pie bigger through high-quality development.

In 2020, the added value of Zhejiang's digital economy reached 3.02 trillion yuan, accounting for 46.8 percent of its gross domestic product (GDP).

Traditional industries in the province are also taking the lead to actively upgrade themselves as China continues to push for economic transformation.

Hangzhou Wahaha Group, a leading domestic beverage enterprise founded in 1987, is focusing on smart manufacturing and more high value-added products, as well as combining the online and offline channels to upgrade its marketing model.

"We use the digital economy to empower the real economy so as to improve the work efficiency and economic benefits of the real economy," said Zong Qinghou, the company chairman.

"Digital economy has become an important growth driver in Zhejiang's efforts of building a demonstration zone for promoting common prosperity," said Yu Jianxing, president of Zhejiang Gongshang University.

Digital technology has also empowered poverty reduction, public service and grassroots governance, playing a vital role in improving people's livelihood. All of these experiences can be replicated and promoted in a wider range across the country.

Zhejiang is forging ahead to foster a market-oriented, law-based and internationalized business environment by relying on digital governance.

A guideline on promoting common prosperity issued in June further lit the path for Zhejiang. According to the guideline, the province will strive to achieve common prosperity by 2035, with its per capita GDP and residential income reaching the level in developed countries.

Authorities at all levels across the country are also mulling new initiatives to further boost development after China, the world's most populous country, bid farewell to absolute poverty and stepped into a moderately prosperous society in all respects.

It vows to establish a scientific public policy system and a reasonable distribution system that benefits everyone. Focus will be put on primary and inclusive projects that facilitate people's well-being and guarantee their basic needs.

China also plans to make basic institutional arrangements on income distribution, expand the size of the middle-income group and adjust excessive incomes to promote social fairness and justice.

Other planned measures include protecting property rights and intellectual property rights, the healthy development of different types of capital, and the advancement of common prosperity among farmers and in rural areas.