BEIJING • President Xi Jinping has put China's wealthiest citizens on notice, offering an outline for "common prosperity" that includes income regulation and redistribution, state media reported.

Since Mr Xi took office in 2012, the ruling Communist Party has made it a priority to end poverty and build a moderately prosperous society, goals that the party sees as central to promoting well-being and strengthening its governance.

Income inequality is wide and has not budged since 2015. The richest 20 per cent earn more than 10 times the poorest 20 per cent. China has undertaken massive efforts to reduce poverty. Recently, it has taken aim at the upper end of the spectrum, with a crackdown on the technology industry which has minted several billionaires, and criticism of the excesses of the celebrity culture.

The government detailed at a meeting on Tuesday new strategies to target the upper echelons. Officials vowed to "strengthen the regulation and adjustment of high income, protect legal income, reasonably adjust excessive income, and encourage high-income groups and enterprises to give back to society more", said Xinhua news agency.

At the same time, officials pledged to expand the size of the middle-income group, grow the earnings of those in the low-income group as well as prohibit illicit income to promote social fairness and justice. It added that an environment will be created where more people will have the opportunity to become wealthy.

At Mr Xi's meeting on Tuesday, officials also pledged to provide conditions for people to enhance their education and move up the income ladder. They also called for promoting the equal access to public services by improving housing supply, elderly care and the medical system. The meeting also highlighted the need to curb financial risks. Efforts should be made to strike a balance between ensuring stable economic growth and preventing financial risks, according to Xinhua.

The government identified the eastern province of Zhejiang, home to Alibaba Group Holding and known for its robust private sector, as a pilot zone for the new initiatives. Last month, Zhejiang released detailed plans for raising the annual per capita disposable income to 75,000 yuan (S$15,950) by 2025, which would be a 45 per cent rise within five years.

BLOOMBERG