Development and Reform Commission promotes common prosperity

China’s top economic regulator said on Thursday that China will take concrete measures to promote shared prosperity. As part of its larger efforts to improve well-being and tackle uneven development.

Chang Tiewei, deputy director of the Employment and Income Distribution and Consumption Department of the National Development and Reform Commission. However, the formulation of an action plan to promote common prosperity is being accelerated.

Chang told a news conference in Beijing that the plan will mainly focus on narrowing the gap between different regions. Between urban and rural areas, and between the rich and the poor.

The plan will help to establish the basic system of primary distribution, redistribution and tertiary distribution. The three-tier distribution is mainly for high-income groups to provide assistance to low-income groups through donations and charity.

Under the plan, the country will take further steps to meet the needs of rural areas. Grassroots organizations, underdeveloped areas and vulnerable groups.

Chang said that in its ongoing efforts to promote common prosperity. The government is also studying new plans to expand the middle-income group, which is in line with the requirements of the 14th Five-Year Plan (2021-25).

Ha Zengyou, director of the Employment, Income Distribution and Consumption Department of the National Development and Reform Commission. Said that all localities should vigorously implement grass-roots inclusive projects that benefit and safeguard people’s livelihood.

Further improve basic public services, especially in areas such as education, medical care, elderly care, and housing.

At the press conference, Chen Zhong, deputy director of the Zhejiang Provincial Department of Human Resources and Social Security. However, Emphasized the importance of creating jobs and attracting talents.

More than 10 million students will graduate from Chinese universities this year. Furthermore, Chen said, adding that the province will make every effort to seize opportunities and attract more graduates.

Chen said the province has done away with the household registration system, or hukou system, across the board by issuing permits to fresh graduates. However, there are still restrictions on applying for hukou in the urban area of ​​Hangzhou.

In Zhejiang, college students can borrow up to 500,000 yuan ($79,000) to start a business. If the startup fails, the government will help repay at least 80 percent of the loan, Chen said.

In June, China issued guidance on building the eastern province of Zhejiang into a demonstration zone for common prosperity. According to the “Guiding Opinions”, the province strives to achieve common prosperity by 2035, with per capita GDP and urban and rural residents’ income reaching the standards of developed countries.

Xie Xiaobo, deputy director of the Zhejiang Provincial Development and Reform Commission, citing the requirements of the guidance, said that building a pilot zone for reforming the income distribution system would be a key task for the province to build a demonstration zone. common prosperity.

Xie said that the province will introduce a new action plan to expand the middle-income group and increase the income of the low-income group.

By 2025, households with an annual disposable income of between 100,000 and 500,000 yuan will account for 80 per cent of all households. According to the plan, 45% of households in the province have an annual disposable income of between 200,000 and 600,000 yuan.

China’s CPI up 0.9% in January