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The full text of #20PC report adds some important detail to my earlier thread. More signaling about institutional reforms needed for common prosperity. And, as expected, no detail about how these reforms will be achieved. Many of these reforms have been discussed for decades.1/8
Section 9 on people's welfare and livelihood is still the most important. Starts with some nice words about the party and the people 江山就是人民，人民就是江山。中国共产党领导人民打江. The next para on distribution is more fleshed out than in his speech. Mentions the need 2/8
to increase the household share of national income, the need to increase tax revenue. The para details the 3 kinds of redistribution needed: higher share of income to households (1), tax and social welfare reforms (2), and charitable donations/philantropy (3). Similar to other 3/
Here's my hot take on XJP's #20PC Speech as it relates to the economy and social welfare esp. Xi's signature use of Common Prosperity, which scared the bejeezus of capitalists everywhere last year. 1/6
This speech fully displays Xi's approach, which we might call "Bootstrapped Common Prosperity." Or "Neoliberal Common Prosperity." It's about hard work and struggle. Common prosperity itself is mentioned 4 times, the first 3 in mostly vague terms, hand-waving toward utopia 2/6
Things get interesting with the 4th mention, which precedes a long paragraph about distribution. Bootstrapping toward wealth is important here, 多劳多得，鼓励勤劳致富. The harder you work, the more you get, encourage hard work to become rich. Horatio Alger-esque socialism 3/6
