Beijing treads fine balance in common prosperity drive

One key to the success of China's balancing act will be in the speed of its reforms, economists said.
One key to the success of China's balancing act will be in the speed of its reforms, economists said.PHOTO: AFP

BEIJING - China's latest drive to close the widening gap between its rich and poor by clamping down on top earners such as tech billionaires has stoked fears that the world's second-largest economy will lose its lustre.

Concerns about heavier government intervention arose among some economists last month, right after policymakers vowed to "adjust excessive incomes" in China, where the top 1 per cent holds more wealth than half of the population.

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