Business & Economy

China stresses need to rationally ‘adjust excessive incomes’

Beijing, Aug 18 (EFE).- China’s president has highlighted the need to reasonably adjust “excessive incomes,” the Communist Party of China announced on its website on Wednesday.

Xi Jinping chaired a meeting of the Central Financial and Economic Affairs Commission on Tuesday that was aimed at investigating “common prosperity” and “preventing financial risks” facing the country.

The meeting stressed the need for efforts to “adjust excessive incomes” and encourage individuals and companies to give back more to society.

The meeting also called for improving the pension and medical security system and supporting the development of small and medium-sized enterprises.

“What we now face is the contradiction between unbalanced and inadequate development and the people’s ever-growing needs for a better life,” Xi had said in 2017 although China declared the eradication of extreme poverty in the country in February.

According to a study published by the local news agency, China News Service, the three sectors with the highest average salaries in China in 2020 were software and information technology, finance and scientific research.

Chinese regulators have recently intensified their scrutiny of the software and information technology sector, to which major tech companies belong, for alleged monopolistic practices and violations of national security and data protection laws. EFE


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