China approves income distribution gameplan: Xinhua

BEIJING (REUTERS) - China has formulated a gameplan for a long-delayed overhaul of income distribution, that reformers hope will unlock revenues and help address China's growing inequality, but left details vague in an announcement on Tuesday.

The plan called for raising low incomes and "adjusting overly high income," as well as corporate and structural reforms, the Xinhua news agency said.

Jointly backed by the National Development and Reform Commission, the Ministry of Finance and Ministry of Human Resources and Social Security, the plan was approved by the State Council, or cabinet, it said.

In approving the plan, the State Council noted that income distribution reform is fundamental to long-term economic development.