Chinese president vows to ‘adjust excessive incomes’ of super rich

[The_King]

China’s president has vowed to “adjust excessive incomes” in a warning to the country’s super-rich that the state plans to redistribute wealth to tackle widening inequality.

According to reports in state media, Xi Jinping told officials at a meeting of the Chinese Communist party’s central financial and economic affairs commission on Tuesday, that the government should “regulate excessively high incomes and encourage high-income groups and enterprises to return more to society”.

 

The commission said it would pursue its “common prosperity agenda”, which has become the main focus of China’s policymaking after reports of discontent within the party’s central committee over the rise of a new class of wealthy entrepreneurs.

 

The policy goal comes amid a sweeping push by Beijing to rein in the country’s largest private firms in industries, ranging from technology to education.

Analysts said it was notable that the gaming and social media firm Tencent, one of China’s biggest tech groups, said it would expand its social commitments as it reported a jump in second-quarter profit.

The Tencent chief executive, Pony Ma said the company was in business to help wider society by “deploying our technologies and expertise to help small and medium-sized businesses, public services and corporations collaborate internally and connect with their users externally”.

Earlier this month, the company’s games were branded “spiritual opium” in state media, prompting it to tighten controls on children accessing them. Yet despite fears of the impact of a regulatory crackdown, Tencent bucked expectations with net profits rising 29% for the three months to June to $6.6bn (£4.8bn) after a 20% increase in revenues.

Since last November, when regulators prevented the tech company Ant, 33% owned by its sister company Alibaba, from floating on the Shanghai and Hong Kong exchanges – a move that would have cemented the position of its boardroom chair, Jack Ma, as one of the world’s richest men – the Chinese Communist party has sought to crack down on the almost weekly creation of billionaire company bosses.

 

Stocks on the Shanghai exchange have fallen since a peak in February after a string of similar regulatory clampdowns on the financial sector and penalties on industries forced to comply with tighter environmental rules.

As a result, the country’s richest tycoons have already seen their wealth shrink. The combined net worth of the two dozen Chinese billionaires in tech and biotechnology whose holdings are tracked by Bloomberg dropped 16% since the end of June, according to analysis by the Financial Times.

 

Zhong Shanshan, the head of the bottled water company Nongfu Spring, last year overtook Jack Ma and Pony Ma as the richest person in China. He has a fortune of more than $72bn, about $24bn more than Jack Ma.

Xi, under pressure to answer critics who say he is soft on excessive pay and ostentatious displays of wealth, is expected to expand wealth taxes and raise income tax rates to achieve an “olive-shaped” income distribution that reduces the number of low-income and high-income groups.

Some reforms could be far reaching, including higher taxes on capital gains, inheritance and property. Higher public sector wages are also expected to be part of the package to limit rampant bribe-taking and corruption involving public officials.

 

 

https://www.theguardian.com/world/2021/aug/18/chinese-president-xi-jinping-vows-to-adjust-excessive-incomes-of-super-rich

 

[Huat Zai]

You want tax migrants? Causes that's how you get tax migrants.

[The_King]

The more you taxes them and ask them to give back, the  more they will charge

[socrates469bc]

let me intro u a term called communist capitalism.

 

or rudely put it, state crony capitalism.

 

do note, it is different from state-sanctioned capitalism or state-sanctioned crony capitalism in the sense that the state is the party who is the crony.

 

[The_King]

1 minute ago, socrates469bc said:

let me intro u a term called communist capitalism.

 

or rudely put it, state crony capitalism.

 

do note, it is different from state-sanctioned capitalism or state-sanctioned crony capitalism in the sense that the state is the party who is the crony.

 

remind me of buy high sell low and fuel hedging

 

 

ahahaahahah

[Satki]

Communism 

 

My uncle use to tell us that the auntie volunteered family wealth to mao.

 

But she say dont give also die. So might as well give and br cadre then with red book you get protection. Sound logical.

 

When we visited china she can take public transport and go to tourist spots all free.

 

[aaur4man]

4 hours ago, Huat Zai said:

You want tax migrants? Causes that's how you get tax migrants.

 

u think they can migrate so easily?

[Huat Zai]

52 minutes ago, aaur4man said:

 

u think they can migrate so easily?

[Bigbird]

@socrates469bc

or anyone

 

Does anyone knows how much of the world fortune 500 companies depends on China's manufacturing/rare earth/semi-con/etc ?

 

I dont know the answer to my question. 

 

I like to anticipate if China "catches flu" what will happen to the rest of the world. eg covid cause many disruptions to many businesses due to factories/border closing.

[XianGe]

They r communist leh... Can do whatever they want... 

[socrates469bc]

14 hours ago, Bigbird said:

@socrates469bc

or anyone

 

Does anyone knows how much of the world fortune 500 companies depends on China's manufacturing/rare earth/semi-con/etc ?

 

I dont know the answer to my question. 

 

I like to anticipate if China "catches flu" what will happen to the rest of the world. eg covid cause many disruptions to many businesses due to factories/border closing.

 

tiongland controls 70% of the rare earth production at the expense of its environment.

 

oz and bee kok r re-activating their idle mines on the backs of better prices, better technology and zheng hu subsidies.

 

on manufacturing, now even my new samsung galaxy 5g phone also make in vietnam liao, u say leh????? 

[socrates469bc]

17 hours ago, Satki said:

Communism 

 

My uncle use to tell us that the auntie volunteered family wealth to mao.

 

But she say dont give also die. So might as well give and br cadre then with red book you get protection. Sound logical.

 

When we visited china she can take public transport and go to tourist spots all free.

 

 

at least the auntie and family survived the upheavals since 1949.

 

my extended teochew clan in tiongland is exterminated gao gao except the overseas branches becos they fulfilled the 3 blacks.

 

thats why i always tell my atbgf that if back in the 1960s, ur parents will not allowed u to go out with Towkay me for fear of extermination.

[Satki]

My auntie is a capitalist at heart. When we first visited her, she came to stay with us in Sommerset service appt in shanghai. She took one hour shower until my sis need to knock on toilet to see if she is ok. 

 

Found she stood under warm shower and felt shiok.LOL

[socrates469bc]

2 hours ago, Satki said:

My auntie is a capitalist at heart. When we first visited her, she came to stay with us in Sommerset service appt in shanghai. She took one hour shower until my sis need to knock on toilet to see if she is ok. 

 

Found she stood under warm shower and felt shiok.LOL

 

jin sakti, stay in high class xuhui area.

 

me is jin kelian, can only stay in proletarian pudong or nanking rd.

 

only friday nite can go xuhui area with my fellow smelly coolie bosses  and pretend to be sakti sophisticated bourgeoisie bohemians to bluff shanghai xmms.

Edited August 20, 2021 by socrates469bc

[Satki]

Looks like safe area but not near anything it seems. Long walk to train stn. But this way can get everyone together as they have 3 rooms appt. hotel would be inconvenient together at end of day.

14 hours ago, socrates469bc said:

 

jin sakti, stay in high class xuhui area.

 

me is jin kelian, can only stay in proletarian pudong or nanking rd.

 

only friday nite can go xuhui area with my fellow smelly coolie bosses  and pretend to be sakti sophisticated bourgeoisie bohemians to bluff shanghai xmms.

 

[socrates469bc]

5 hours ago, Satki said:

Looks like safe area but not near anything it seems. Long walk to train stn. But this way can get everyone together as they have 3 rooms appt. hotel would be inconvenient together at end of day.

 

 

kor kor jin kumgong, walk ard at wrong time liao.

 

best time to walk ard the area is friday 6pm.

 

first can see ol dinner time crowd at grand gateway.

 

ard 9-10 pm can join them go lim jiu at the nearby european style pubs.

 

then 11pm to 12mn, u walk along caoxi rd and lingling rd, confirm can get a lot of actions in the nightclubs.

 

sometimes if lucky, can meet nice xmms from sakti fudan uni part-timing at the clubs.

 

my 1 nite xuhui tour, kym??????

 

wahahahahahaha

Edited August 21, 2021 by socrates469bc

[Satki]

9 hours ago, socrates469bc said:

 

kor kor jin kumgong, walk ard at wrong time liao.

 

best time to walk ard the area is friday 6pm.

 

first can see ol dinner time crowd at grand gateway.

 

ard 9-10 pm can join them go lim jiu at the nearby european style pubs.

 

then 11pm to 12mn, u walk along caoxi rd and lingling rd, confirm can get a lot of actions in the nightclubs.

 

sometimes if lucky, can meet nice xmms from sakti fudan uni part-timing at the clubs.

 

my 1 nite xuhui tour, kym??????

 

wahahahahahaha

Walao many years too late

 

Oh wait

 

If follow your itinerary

I think need to kneel on durian shells