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Significance
With extreme poverty now basically eliminated, Beijing has shifted its focus towards a new objective: 'common prosperity'. Although the redistributive thrust of this is economic, an equally important goal is to prevent social unrest.
Impacts
Poverty alleviation in rural areas will remain the priority, as living standards in the countryside still lag far behind those in cities.
In the absence of systemic reform, any sector that the public sees as profiting 'unfairly' is a potential target for a shakedown.
Foreign investors are already skittish and Beijing must try harder not to spook them if it is to attract the investment it wants.
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2023
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