China Downgrades ‘Common Prosperity’

Chinese leader Xi Jinping (L) and Premier Li Keqiang arrive for the opening ceremony of the rubber-stamp legislature’s congress in Beijing on March 5, 2016. Wang Zhao/AFP via Getty Images

News Analysis

A few months ago, Chinese leader Xi Jinping touted “common prosperity.” But in recent weeks, Beijing has barely mentioned it and instead began referring to a modified version of the policy, called “third distribution.”