China’s common prosperity push is long overdue, but the rich don’t need to worry about their wealth

Beijing’s push for so-called common prosperity has fanned concerns whether China’s own Gilded Age of massive wealth creation is coming to end.While it is probably true that money cannot have its way like it used to, it would be wrong to worry about a state-sanctioned wave of redistribution of wealth.To start with, the goal of common prosperity is long overdue. The search for a fair society is deeply rooted in communism and China’s traditions, the two sources of official Chinese ideology.It is a…