Will China's "common prosperity" impact the world?
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- Опубликовано: 5 авг 2024
- Will China's "common prosperity" model impact the world? Pascal's China Lens week 69
#chinasnewnormal #commonpropserity
TIMESTAMPS
00:00 The most unnoticed trend from China: Common Prosperity
02:01 How equal is Chinese society? 1. 600 million poor 2. A high 4,7 Gini-index 3. Power of Money 4. Lots of excesses
05:37 What are China's systemic challenges that cause inequality? 1. Lots of left-behind and vulnerable people 2. Property bubble with no housing tax 3. Anti-Money Laundering 4. Lack of giving back to society mindset amongst the rich
09:19 Is Common Prosperity an answer against problems of capitalism? Yes. 1. Polarization 2. extreme. money spending and wealth gathering by the rich 3. division and populism of society 4. collapse of the middle class
11:37 Is China's Common Prosperity a new concept? No. 1. It is part of 2500 years of culture dating back to Xiaokang (moderate prosperity) and Datong (great unity) goals of Chinese society
13:43 What are the main drivers of Common Prosperity? 1. It's grown from China's history and culture 2. It has been elevated as priority by Xi Jinping since 2020. 3. Its a embedded in a global plan for common harmony 4. It's been written in many policies of Beijing
14:58 What is Common Prosperity not about? 1. It's not about taking from the rich 2. It's not anto-kapitalism 3. It's not about egalitarianism 4. It's not about China turning back inwards
16:59 What is Common Prosperity about? It's about the rich to change mindset of giving back 2. It's about making the economic and middle class pie bigger 3. It's about fuelling entrepreneurship en consumption 4. It's about working class to keep working hard, but get rewarded better for it.
19:04 How will Common Prosperity work in China? 1. It's a pragmatic stepping stone plan to cross that river 2. It's getting tested in Zhejiang province now and more later 3. It will accelerate due to more capital controls with launch of CBDC 4. It started in 2021 with all the new business regulations that Beijing made
23:44 Will Common Prosperity work in China? 1. The mindset change will likely work. 2. new model to give back will be systemic like CO2 pollution tax 3. It will be challenging to get consumption growth though 4. China will need a new growth engine to make it work well - maybe green production?
28:36 Can China's Common Prosperity become a model for the world? If it succeeds, it can surely. But even if it fails, it will have changed China for the better.
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I want to thanks C K Lam; William C; Jack Chiu and Free Lancer for suggesting me to make this video on Common Prosperity
I also have to mention that I made a lapsus linguae at 13:58. I should have said 70+ years of Communist Party instead of 70+ year of Communism in China - an honest mistake.
70+ years of Communist Party rule over China yes.
But FYI the Communist Party is older than that, China recently celebrated the 100th anniversary of the party's founding.
I know. I made a video about that this summer. I am sure you watched it. Just 70+ years they are in charge.
I want to thank you :-) have an amazing rest sir, you deserve it (and everyone up there managing everything, you know who you are !)
re the question in the title.. YES !
I will watch the video later :-) happy holidays and god's blessings
You should still expect a knock on the door from the thought police. What on earth were you thinking ?
@@noahof-stuff9151 lol nice nick.. have you got enough stuff ? :D
i am a Chinese, the most impression for me these years is everything getting better, the government staff getting more efficient. its not a model for other country to learn. its about better life for our Chinese people. its real changing happening in China now.
Great to hear that. However, China is at the same "growth phase" today might be at the same place as US was in the 80s. The rapid growth of last 3 decades is what resulted in this enthusiasm and the improvements. But every "rapid growth" is temporary. So, let's see what happens when China enters the slow but sustainable growth phase. Silicon Valley is about to enter this slow growth phase, and it's already looking ugly.
I wish you and your country all the best and hope you guys achieve or surpass the success Japan or EU gained.
@@aniksamiurrahman6365 thanks, only time can tell. the thing for our Chinese can do is working hard, no matter how USA,together with EU, Japan, to contain China.
How is corruption in China today? How is the Chinese government dealing with this problem? If corruption is not put in check then trouble will come soon.
@Zhang Ruyi 張如意
You have a Chinese name but obviously you haven't followed the Chinese news! Corruption is of course big issue! But this round of the government is cracking it down, since 2012. According to what I know, it's much better.
@@zhangruyi3153 do you live in China? like fanny said, the government having a strict policy for corruption. And with more convenience of social media publish, like Weibo, most officers are under big pressure from public. its really different as democracy country like USA, etc. they have legal corruption. Most policy controlled by rich group, also media controlled by rich group.
like many many years tv show named "Beijing guy in New York " said, when you are rich, come to New York, its paradise, when you are poor, then you will suffer the most.
Pascal, every time when I watch your program, you will always give me an in-depth talk about China.
This time you have taught me about China's governing philosophy which is based on Confucianism.
The western countries will never understand why Chinese people are happy with and supportive to the CPC rule ❗
😉😃😀😆😄😁😅
Thanks! Glad you like it.
I'd been in China in the days when extreme poverty still gripped China and everything must be bought by very limited government-issued tickets/vouchers, from rice, cooking oil, sugar, salt, soy sauce, petrol, etc. Staff travelling on official trip to another city must be issued with a travel permit, approved by the local security office, so they can find a room to stay the nights. With living standards improving to what they are today under the Adequately Prosperity concept, you know why the CPC government enjoys 95% support from the populace. The Common Prosperity, if successful, will become an envy of the world.
Amen !! hahahaha
China and common prosperity... these words in the same sentence keeps Washington awake at night.
Not yet I guess, but maybe one day.
If you believe China is a peaceful and progressive country, raise your hand 🙋🏻♂️✋🔥
From what I can see so far, there is no practice way to solve the income inequality in US. It always baffles me why CEOs get millions while people doing the real work get pay significantly less. I have witnessed CEO after CEO wracked companies after companies and still walked away with millions. And the pay inequality continues the tread, worse and worse.
It's easy to solve except voting is meaningless since it's controlled by lobbyists. People who can donate the largest amount of funds to lobbyists win.
Solution is to create conditions which maximize human capital (education, healthcare, childcare, etc.) whether rich or poor, and create regulatory conditions for capitalism in which competition is maximized. This includes creating condition which lowers fixed cost for small businesses (e.g., competent nationwide system for competitive benefits).
Right now, for last 30+, competition has being decreasing while industry concentration, horizontal shareholding, and share buybacks have being exploding.
@@mrteacher1315 good summary.
Pascal, common prosperity is a concept that is introduced to stem the excesses of capitalism and create a more equitable society which inevitably leads to peace and stability in the country. Thanks for sharing and clarifying it.
It's no secret today that *capitalism is killing the planet.* Capitalism is the overproduction of goods for the sake of profits, unnecessarily polluting the Earth in the process, with the eventual goal being the complete depletion of the Earth's resources. Because our modern industries are just too efficient, we can literally produce enough food, goods, houses, schools, hospitals, etc for everyone on the Earth. Yet despite this, we still have starving people in the world, homeless people, illiteracy, people lacking access to healthcare, etc. Because under the capitalist system, the goods go to those who can afford it.
Communism is the belief that every resource should be allocated to the people *according to needs.* The Earth's resources are finite, and capitalism only seeks to exhaust the Earth's resources in pursuit of profit, whereas communism is committed to the idea of distributing resources according to needs. Sure, it's not a perfect system but it seems preferable to capitalism, which is overproduction for the sake of profits. What's the point of hoarding profit? When we all eventually die, can capitalists take their profits into the afterlife? No.
My pleasure!
It's the endless battle between being "fair" for everyone and creating more "value" for everyone. Can we make the pie bigger and be fair for all at same time? It all depends who you ask the question.
@@PascalCoppens I liked this video overall, but I really had a problem with your stressing the corporate social responsibility of western corporations.
At least in the US, corporations start wars to justify that country's colossal "defence" budget. Whatever they do in social responsibility pales in comparison to the death and destruction of their war machine.
Their is truth in that for sure.
It should never be “ The winner takes it all “ kind mentality when it comes to development of human society. There is enough resources to allow prosperity and dignity for everybody after all.
It is strange to see how little pain the West would feel to improve inequality and abolish poverty. If we would have been more firm in coping with covid for example, or if we would spend a few % less on military budgets, or if we would have invested more in building tech infrastructure in global south,...I am always surprised that the effort would have been less painful than the backlash of not doing anything - think of migration in Europe, new covid strains, countries and cultures that are in ruin,...the reason we don't do it, is because we don't trust the world.
Beautifully said ! happy holidays everyone. Next year is looking absolutely mindblowing
@ Pascal Coppens
The west don't trust the world! Well said! The west don't trust especially China! I remember at the beginning of the pandemie, China shut down the whole country, and in Europe the government were telling people it's useless to wear a mask, of course not any control at the borders. We Chinese people in Europe were completely puzzled! Too difficult to understand! Later I understand it's because they don't trust the Chinse government!😂😂😂 Maybe they think China shut down the whole country just for fun? 🤣🤣🤣 But what's discusting is.that later they accuse China of not sharing the information from the beginning! What the F! What a western ganster mindset!
@@fannybirot2362 it's too hard to learn from those you don't trust. People all around the world rather make mistakes instead.
@@PascalCoppens It’s just funny to see that the need for European governments to stand against China exceeds the need to follow the science 🙃. All China needs to do now is to continue doing what we believe is right and if any other country chose to do the opposite just so they are not following China then that’s their loss. When their actions are directed by ideology instead of logic & science then the result is not hard to predict. I don’t think China wants to take over or dominant, the more it focuses on the internal issues the stronger it will become. If the West continue this path then they will be consumed by their own fear.
Excellent, excellent straight forward, clear, easy understandable objective analysis. I'm inclined to believe that even an ordinary Chinese citizen may not have understood and articulate as well as U have in this presentation. Great!!!
Thanks Ken. Appreciated.
What a gigantic task. Nobody has figure out or even dream that it will materialize. Even to initiate this idea speaks volumes about Xi Jinping goal. First to make China the ideal county to reside and for the world to follow.
It will be a major change if successful
China has a great vision and sense of the need of the times that the Capitalist and materialist way of life cannot continue without causing the end of the world. All things have to be balanced, less inequality, less destruction of ecosystem.
I salute your knowledge and courage to make this video.
Very few people here in the United States has the knowledge and courage to admit the problems American has, only try to crush Chinese in the name of protecting minority race in Xinjiang.
Thanks! It's challenging at times, but I enjoy sharing.
You’ve got a great video channel telling truth about the peaceful progress of China.
Thank you kindly
Common Prosperity is a BRILLIANT strategy if China wants to move toward consumer driven economy.
Fundamental problem with majority of benefits of economic growth being concentrated on a small minority of population like here in US is that total consumption volume of ultra-wealthy is extremely limited.
They can only buy and/or use so many private jets, superyachts, supercars, mega-mansions, private space travel, etc. compared to common populace's volume of consumption if their standard of living is rising with economy unlike the situation here in US.
None of the money will come from the CCP: who already have state owned businesses in overseas financial assets. Common prosperity is saying to those like Jack Ma; does not matter how much money you have it's only the CCP that controls your destiny. It does not matter what the CCP says, it is what does the CCP does. Capitalism / industrialization is always first and after a few hundred years you can become more socialistic thru laws and taxes. China has been Capitalist for 60 years and you want common prosperity; you are most likely to implode the whole system. If you had most of the money and power as the CCP does; would you give it up to the naive and powerless peasants. Not going to happen.
If the Chinese government focused on "poverty alleviation" and they have a remarkable track record in achieving it, it is not far fetched to think of "common prosperity" as the next step for the betterment of Chinese Society. The concept of social good where introudcations of policy to narrow the gap between rich and poor is inherently unpalatable to capitalistic societies. That's all well and good, but let other countries like China design what will work for their 1.4 billion population. Others should be open minded that there is no one size fits all solution for others! Let them decide how they organize their society,
That's all China is asking for from those countries out to sabotage and demonise it.
@@stephenlock7236 if China stops sabotaging other countries...
Enlightened indeed, the world should have more of your kind
Thanks!
Very educational in your content in explaining the concept of "Common Prosperity". You have done a marvellous well-thought-out job in presenting it as if we are in a seminar or lecture room and no one has explained it as well as you do. Has CGTN or other Chinese news outlets done anything similar in explaining it to the Chinese people and the world? At least I have not come across any so far, so you could be doing China a huge favour with this episode. Thank you Mr Coppens. Always looking forward to your videos.
Yes, the very best I've ever seen and there's a lot there to learn and discus with others interested in China.
I believe you are correct. As a sinologist, I access a variety of Chinese resources, scholarly research and learn from some of the very best Chinese experts (China and West). I have not seen this model explained clearly to Western sources by any Chinese or other expert China source. It's a difficult concept for native Chinese experts to explain in a way that Western's will understand since most are devoid of any "cultural" knowledge and the historical context in which it evolved.
As Mr. Coppen's subtlety noted, sadly it would probably be distorted by Western politicians and the media with the US White Far Right movement calling it a lie or some sort of a conspiracy theory blinding the Chinese people. :(
My Chinese wife understands the concept and government approach but not in the context of 小康
Xiǎokāng taken out of context from a larger conversation in Chinese for example.
Thanks! Appreciated. I am looking for western media outlets first to tell my story. I did do an episode on CGTN once about the C2M model.
Thanks!
AMEN !
@ ABCDE I
CGTV is not for Chinese people coz it's in English! But of course they are talking about this very often in Chinese news! It's the China Dream that concerns every Chinese.
I think philanthropy has always been part of Chinese culture.
It has indeed been rooted in Chinese culture for centuries.
This channel is a gem. I discovered and subscribed this year and look forward to each new videos.
Thanks John!
Educational, informative, articulate, humorous, great 👍 work
Much appreciated!
Only one Thumb up is never enough for Pascal. Once again, a brilliant work on interpreting China's "common prosperity". The west can never comprehend the Confucius's 天下为公. This not a Utopia, China is pacing steadily towards this great direction!
Thanks Nelson!
Good Job and Support ! Bravo to China Rise Peacefully and be Strong ! Together for a Shared Future !
This is about building a better world.
And also common prosperity is helping people to work (not like western media claimed as forced workers), not just printing money to lazy people in trading for some ballots.
I am wondering, as China working population is shrinking fast, and China has a growing lack of workers, why would China have forced workers on massive scale? It feels like the demand is larger than supply, so why not pay people? Maybe I am missing something?
China is evolving, it has presented itself as Socialism no longer communist. I believe it is trying to achieve a system of CAPITALISM WITH A CONSCIENCE. SUCH IS "SHARED PROSPERITY" & ITS A DEPARTURE FROM THE PITFALL OF DEMOCRACY THAT BREEDS INEQUALITY. MAY GODLY WISDOM LIGHT & GUIDE, BLESS & INSPIRE, MAY HUMANITY & THE WORLD OF NATIONS ACHIEVE HARMONY, PEACE & PROSPERITY. THANKU😇
I always like your video. This one is especially well done. You have been fair in your analysis. It is very educational. Ignore those hateful useless negative comments. Keep up the good work. 👍
Thanks!
Thank you Pascal
Very middle of the road , dispassionate real news on China..
You are a scholar who cares about common peace and prosperity for all.
It can succeed. May it succeed. The world wants it to succeed.
Human dignity wants it to succeed
Amen again. Enjoy the golden decade friends
Very profound and very enlightening, I really hope China succeeds ?
Thanks
Pascal, you are exceptionally well-educated about china.
Great video. You've opened my mind.
Glad to hear it!
I think boldness in the Government regulation together with anti trust and anti competition laws are crucial to keep a decent basic quality of life for all.
Just look@ the west, especially the US where deregulation and weak anti trust and competition laws have made huge corporations prioritizing profit over public needs. They do it because they can.
Mutual prosperity. A win-win proactive situation.
I loved that you put in the effort to learn Chinese too besides doing these very long videos. I know it's not easy at all. Thank you for your very informative videos.
sir you made it simple and clear as possible.
Thanks
As always, Pascal, your analysis is very sharp and informative, a good video, of course !!!
China is a very safe society, that's really good !!!
Thank you very much!
This is a really well thought and insightful video. It helps see the big picture that much of the medias is missing. Great job !
Thanks!
Enjoy your program so much,thanks Pascal.
Glad you enjoy it!
As a follower of Baha'i Faith, I am happy to see that China is advancing forward in one of the main principles of Baha'u'llah's Teachings, which is the elimination of extremes of wealth and poverty. I believe there is a plan of God moving, and it would seem China is very involved.
Around the 1900's, the center of Bahai Faith at that time, Abdul-Baha states that 'China is the country of the future'. What was hard to imagine back in 1900's is very clear now. Below is a wonderful and soul stirring song rendered from Abdul-Baha's sayings on China: ruclips.net/video/pdWfocOBy9U/видео.html&ab_channel=missiondevomusic
I would also like to thank Pascal for doing what he is doing, presenting the information on China in a media world that truly is biased and prejudiced towards it.
Enjoy the golden decade ! this is our chance to get rid of debt and grow into a global tribe ! amazing times, I feel so lucky to be a very very small part
China has already eradicated extreme poverty. Raise your hand to celebrate 🙋🏻♂️✋🔥
According to Li Ke Qiang 600 millions are still poor in China
Just like its poverty elevation programme which has, by any measure, is a great success; China is moving ahead with this next programme to have a more inclusive society.
Those who are either pessimistic about the programme or are just sinophobic about it are irrelevant to China. What it is doing to achieve common prosperity for its people is a lot better on those countries sitting on their butts doing nothing about their growing societal inequality but giving excuses or making empty promises. China will continue to move forward while others can sit around to criticise and condemn all they want.
We are not Sinophobic. We take heed in the lessons history has taught us. What the PCC is informing you of are lies built upon lies. You will see this shortly as the lies are about to become undone. Sadly the PCC will attempt to obfuscate this by sending the Chinese nation to war. They will lie about this too, claiming it is not your blood on their hands. Far from sitting on their butts doing nothing about their growing societal inequality but giving excuses or making empty promises, the West is busy reinventing itself for the coming challenges. Much of this is being done at China's expense. Financial investment is slowing to a trickle and trade routes are redirecting. You can find a bigger bang for your buck elsewhere, without the political interference. That's what is known as a win win situation.
The PCC are done with poverty alleviation. Their new game is poverty distribution. The political system doesn't allow for any challengers.
What I like about Pascal’s China Lens is that it is the least distorted lens you can get in the media whose lenses are often tinted by ideology. Pascal’s lens is more scientific, that’s he reports observables and give it benefit of doubts from China POV before applying analysis based Western POV. Can Pascal be mistaken? Possible. But in time, when more facts surface, the lens can adjust itself. I think, in time this will give Pascal lens more explaining power closer to the reality. It would be nice to Pascal can team up with academicians who are more interested in facts than spreading geopolitical convictions.
Thanks Ben! Would love to work with academics on specific areas one day.
Presentation is well thought and precise
.. Thanks pascal
My pleasure
Pascal, you sound a lot brighter than the whole crowd of EU politicians.
I hope not, but thanks for the support!
So clear and informative. Thanks
Thanks!
Love the presentation style with slides in the background without overwhelming text and graphics.
Thanks!
Beautifully outlined as usual, Pascal. Happy holidays.
Thanks! Enjoy the holidays!
Having living my whole life living in a democratic capitalist country, the whole idea of common prosperity really challenge my very basic beliefs.
How could it works? How rich people would run away from the system? How will it be corrupted by the rich and powerful? The endless negative just pop up from my life long experience.
But I have the full confidence China will be able to show the world it can be done, and should be done to make the world a better place.
Why? Because China is doing everything the opposite of What USA is doing. it is the best and smartest way to show China as a superpower is better for the world.
It is always the Chinese cultural philosophy and goal to have fair and just society.
It is a new paradigm, based on 2500 years of accumulated culture and 40 years of entrepreneurial ambitions. A good place to be.
Hoarding serves no one.
Maybe the circular economic plan will be of interest, and ecosystems like Albert are where I plan on spending a good chunk of my future, looking for ways to help and just clapping as people become more and more a single species not infighting ! ruclips.net/video/mxK8JLNDjaY/видео.html
If you enjoyed this video, raise your hand to show Pascal Coppens your undying love ✋🙋🏻♂️🔥
GINI index for china in 2021 ( world Bank) was 38.5 USA was 41.2 so China is already more equal than US
富人和穷人其实没有区别，如果我们能够控制金钱的跨国流动，商品跨国流动会有税收，而金钱却没有税收，商品需要时间来流动运输，而资本啥都没干。
This reminds me of an interesting point of view that all countries in the world will eventually develop towards the Indian model, that is, the superstructure is not responsible for the poor; the poor have no obligation to the superstructure. I think that resolving polarization is not only a problem facing China, but also a global problem. I really hope it can succeed. I must say that "common prosperity" is indeed the wish of my country's Confucian culture. But I think "xiaokang" is more likely to be realized. I really like you to describe this as a utopia in the Chinese people's mind. thank you
My pleasure
_"Capitalism, not socialism, sent Jeff Bezos to space and back today."_ - Former Nevada Republican chairwoman Amy Tarkanian.
Yes, I'm sure the Amazon workers worked hard so that their boss can burn the profits travelling to space instead of I don't know, giving better wages and welfare for the workers?
do u know much about huawei employees management? i find it fascinating as huawei is the only company that not listed yet very strong. How their share/profit is shared?
ya ya, some angry people say chinese government is behind it. Yeah, so do many companies in the world.
Huawei has a very complicated, yet interesting employee stock model. Do look into it. Its kind of "common prosperity" in a business sense.
@@PascalCoppens yes that’s why i m interested to know more. Does it the only company do it?
@@fannyalbi9040 Huawei is *100% employee owned* by 96,000 current and former staff, leaving exactly 0% in the hands of the government. Huawei does get some government subsidies for doing R&D, but the amount is negligable compared to Huawei's revenue from sales. Huawei does get tax rebates from the government for their R&D spending, but it's comparable to most companies in the U.S. video:ruclips.net/video/HAffWwL1E-Q/видео.html
@@Shenzhou. 0% leaving? i doubt it. Recently a youtuber just interviewed an ex huawei employee, he is a foreigner. Does foreigner can enjoy the profit sharing?
Ideal Society: The basic need: food, clothes, houses, education, energy etc should be free or affordable by everyone. One does not have to struggle for basic needs. That should be the ultimate goal and limit of Common Prosperity. Beyond that, if someone pushes himself hard and create more equity, he should be allowed to use other privileges.
That’s correct
Thanks for the video, very informative.
Pleasure!
We don't know whether this new policy will work or not, but we definitely know the US system has failed 😂💥👍
Plot twist : 2022 ;)
Nice video, but I want to add a few things as I am Chinese myself albeit an overseas one. The rich helping the less fortunate is not something new for Chinese people. In olden days rich Chinese will form trading society and guildhall (Huay guan) which you can find in Singapore, Malaysia and many other countries) which then build schools and hospital for their countrymen. So this idea is not new. You may not hear alot about it because in Chinese society you are supposed to be modest and not show off too much. Many actors and actress from China and HK has been doing charity work in the quiet for decades before being found out. This is how Chinese society is. What we are seeing now is the establishment of a framework to channel these effort collectively for better distribution and encourage those that has yet to make the leap to do so courageously. Also common prosperity is about making decisions based on common good instead of a selfish one. And it should start from school, hence China is better equipped to be a collective. Not a Star Trek movie collective but a genuine collective that will benefit humanity.
Thanks Tuck for the added insights!
I am for the clan associations to consolidate into one and be professionally run to better help our people.
Individually, their efforts are petty n inconsequential.
Most often, the village schools were funded by the rich villagers!
In a sense, all communities of overseas Chinese -- be they Cantonese, Fukienese, Hakka or Hainan, etc. -- are united in their adopted countries to help the next generation. Schools are built to extend Chinese root; hospitals are built to help the less fortunate ones... It is true that the concept is not new among overseas Chinese, especially in Southeast Asia. China's concept of Common Prosperity is to grow its middle class so the vast majority of its citizens can enjoy the fruits of their hard work and to avoid the trap of the top 10% owing 90% of the nation's wealth.
Pascal really capable of being a Chinese professor, understanding China better than many Chinese native professors.
I doubt I understand China better than Chinese professors, but am glad you like the content.
@@PascalCoppens
To be fair, the PR department of the CPC must learn a few things from you. Due to the constraint of its one-party state, Chinese officials have never had to face the public to explain its actions, however good the intentions may be.
The plan is so well thought out but like you say the implementation will be the proof the pudding. Unlike China, Malaysia and most countries adopt the bringing the elite down to the common or base level instead of lifting the base level up to the elite. The country of my birth is the same stupid mind set. Many Chinese and minority are conversant with the English language, the world lingua franca and instead of uplifting the Malays up to as good as English proficiency they prohibit the teaching of English and made Bahasa Malaysia the main language of education and communication resulting in several generations of lost opportunities. But as usual the Chinese by pass such strictures by sending their children to international schools especially the rich but the poor suffer what they must as the saying goes.
They own the farm, so need to make sure the fertilizer spread evenly to have better harvest. Most US politicians only have 4years to collect money, so need to focus on own agenda.
Love your channel. Really informative. Thank you.
Common prosperity is the true indicator/ quality of Democracy
No. "Democracy" in Oxford dictionary mainly focus on the election of the government. So, common prosperity is strictly to say NOT the goal of "Democracy". Just check the following fact: over 95% countries over the world declare themself as "Democracy". But the rich and developed countries (West-EU, USA; Japan etc) are only small part of them.
The best is commonly prosperity, the spirit are on track
Common Prosperity is very much a Confucius concept - society are organised where at the very foundation is the family, follow by the village, state, country and world. The concept is applicable at every stage of the society. For example if a poor, sick or weak member of a family can be taken care off by the other members within the family then it need not escalate to need help from the village and so on. In such society, the basic needs (food, clothings and shelter) for everyone are assured as the society's main endeavour is to ensure this is constantly and continually achieved. Now capitalist was born out of ending slavery by providing salary (aka Money) to workers. The view is that people will not work (hard) unless they are threaten or motivated or incentivised..so the idea of the capitalist is to control salary in order to control labors because the laborers will need the salary to pay for their needs. So what happen in a society where the basic needs of the people are pretty much assured and provided for? Will the people become lazy and no new inventions or innovations can be made? I am not sure for current or future society but in ancient Chinese society during Confucius time when the basic need of people are taken care off people still are motivated to achieve great innovation and inventions as can be observed from the ancient Taoist where they constantly and continually strife to achieve greatness to solve problems or to simply satisfy their own curiosity. The Taoist certainly did not do it because they want to be the richest person in the society - the motivation are different. The society during this era would live peacefully, harmoniously, happily with great cultural festivities and activities - this is probably the utopian moment China today is seeking to reestablish. Indeed the major festivals that the chinese celebrate today are really ancient inventions to bind the society together and form part and parcel of that utopian period.
Festivals in China today all center around how great the PCC is !
What do you think of the CCP hugely re-interpreting Confucius. Not sure he would recognize what is being done in his name. Also CCP proposing to re-write scripture. In this utopian world do Christians, Jews, Islam and Buddhist have a place in this Utopia?
YES! So important to talk about this
Agreed!
It is very depressing to read the comments under this video. Why so many people think of common prosperity they first think of ripping off the rich (the hard working people) and give it to the poor (the lazy people). The common prosperity can be asking the rich to slow down accumulating their wealth so the capital and resources can be redistributed to the disadvantaged people and give them more opportunities to become wealthier. So when the bases of a society's wealth grows bigger, actually it is good for the rich (the elites) to have a more long term and sustainable growths.
Thanks for that comment
The above explanation to defend status quo seems very idealistic, but in reality, the disparity is getting wider. Social divisions are perfect recipe for outbreak of upheaval and violent chaos.
Trickle down economy does not work. Trickle up does. Prosperity depends on the movement of money. Poor people spend a much higher percentage of their income than the rich.
Rather than giving in a hap hazzard way - how much and to who? Why not have a comprehensive fair tax policy?
Meanwhile in the west all that is happening is the middle class is shrinking and getting poorer.
Common prosperity is anathema to any capitalist society.
A more even spread of wealth is what many western Governments have striven for. Some more than others. Name me a policy the CCP have implimented to make common prosperity happen. Forcing the rich to give to the poor - how much and who to, where is that stated?
Great to hear
Thanks Pascal, I learn lots about 'Common Prosperity' from your excellent video than any coverage by the media. Especially glad you clear the common misunderstanding of what it means that instill confusion and fear of the misinformed. Cheers.
with 1.1 billion poor spreading the wealth wont go very far. These socialist reforms will serve only to put the brakes on further economic development. They need to be concentrating on a healthy economy instead of tinkering under the bonnet. The PCC doesn't seem to understand that good business is actually a thing.
Tell me then a 'common prosperity' policy that you have learnt. So far it is just a slogan with a goal. Not a means to achieve it.
Your government, for whatever reason, is perpetrating a bad business model around the world. This has consequences that the people of China will feel first hand. Xi's leadership will soon show just how disastrous it has been for China. Within 2 years you will know what I'm saying is true. Sadly it will be a very painful experience for you. All the while your government will simply blame the West for the many self inflicted wounds wrought on your nation.
Thank you for another great insight~ We need more objective and educational contents about china like this.
Idk if history is your area.. But it will be interesting to see your thought insight more Deeply about great leap forward, cultural revolution, up until current government system..
Also what do you think about US boycott of beijing winter olympic under the name of "human rights"
I might make a video on Olympics and boycott. As for great leap forward, the cultural revolution,... I'd rather include some of it in my topic videos on todays China.
Interesting theory and I di hope China succeed.
Thank you for letting us know chinese main policy
My pleasure
👍👍👍you explain it so well.thank you!
Expanding the middle class is the key
I generally agree. However, if the top 1% high-income class continues to accumulate more wealth, then income inequality might still grow and the income-gap might widen. Eventually something has to be done to the top 1% high-income class.
Will you still post videos on this channel?
Your channel was one of the best things I discovered recently, I'm studying economics at university and your channel helps me a lot when I'm going to research about china related subjects
Thanks for making this available, greetings from Brazil.
For sure. I am just working 24-7 to finish editing my new book. Almost there.
Very interesting topic. Will "Common Property" works in China?
It would be more interesting if you can review and do follow up this video once every few years... how it goes.
I look forward to seeing this trend from this channel. Cheers!
Noted! Will do so!
The common prosperity drive is part of the dual economy strategy, with ambitious to lift the lower income group to reach, and expand the middle income group. Hence, the larger the middle income group it will fuel the consumption drive.
Thanks for mentioning dual-circulation strategy!
it is a good idea how they want to carry this out. applaud to them that they want to address the gini index
Common prosperity = No one left behind
Oh...wow! What a explanation 👍
Glad it was helpful!
I agree-only society providing goods for a mass market Middle Class in all markets! Will have to define Quality over Quantity.
Spread the words folks. Let’s us help him get it to a million or more!!:)
Thanks for the support!
This is why I just subscribed.
Thanks! Appreciated!
To achieve Common Prosperity you cannot leave out 乡村振兴, or Vitalization of Rural China, the logical next step after the elimination of extreme poverty. By increasing the productivity, wealth, and consuming power of the rural population, just under 40% of the country's total, significant inroads will have been made toward Common Prosperity for All -- quite by definition. Ecommerce, vastly upgraded road and rail links are already playing a big role, as is and will be the return of more college educated entrepreneurs who hailed from the countryside. CBDC, 5G enabled remote health services, other advances/innovations will also help. Above all 乡村振兴 is a major government priority with coordinated policies in land use/ownership rights, infrastructure development, etc. This will serve as a model for other developing countries with heavy rural populations and/or inefficient agricultural sectors.
Thanks a lot for your comment. All of these things, I do cover in my new book coming out March 2022
@@PascalCoppens Let me add that you definitely have the right idea about Common Prosperity as a potentially groundbreaking paradigm in political economics (a "new socialist model" as you put it): this is a timely and relevant video. Good coverage of a big topic. One thing I am not so sure about, however, is the oft-mentioned notion of boosting consumption to replace investment as a driver of growth. The right kinds of investments are always critical, but a high savings rate is not necessarily a cause for concern. As China ages and more people retire, savings will be spent and consumption, relative to savings, will increase. What needs to be boosted is productivity, and my sense is that the Chinese government is well aware of it.
Excellent Pascal
Thanks William!
CPC = Common Prosperity China
CCP = China Common Prosperity
CPC = Conning People Constantly .CCP = Cheap Chinese Products
One of the reason of soaring increased real estate price in China, is many rich families are taking doing investment on it, because there was no many taxes and very very good return. And that is why the Chinese government have to implement the tax for reducing the overheated investments.
There must be wealth tax n speculation must be curb if necessary by legislation.
In the capitalism west they call it as a common bill.
Nothing is perfect but if we keep trying, good will come out of it for the people.
Really, really good. Thank you, Pascal. So many things to take on board and it will be fascinating to see how it plays out.
I guess in the the short term it will be patchy and there will be quite a lot of sticks from the CPC as well as carrots aimed at the upper ends of society. What is extraordinary is just how carefully they choose their targets and the timing of their interventions. Jack Ma and Alibaba did not come under the spotlight by accident. Ditto actresses and pianists. It is impossible to imagine Zuckerberg, Bezos or the Koch brothers being properly (and effectively) sanctioned by the executive branch of the US government.
Really, however, it must all ride on how quickly the people on $150 a month feel they are catching up. I don't understand the econometric modelling but there must be way of working out how much money must be re-circulated back into the economy for that $150 to turn in to say $500. And how long that would take.
By any reckoning it's all pretty challenging but I certainly wouldn't bet against them achieving significant milestones in the next five years.
Consumption is not necessarily a good thing when the goods are non-durable and designed for planned obsolescence. It increases the problems of garbage disposal and pollution.
I share the same thoughts as you too. The old practice of saving hard for raining days is one of the fundamental chinese value that we should always hold on to.
It's no secret today that *capitalism is killing the planet.* Capitalism is the overproduction of goods for the sake of profits, unnecessarily polluting the Earth in the process, with the eventual goal being the complete depletion of the Earth's resources. Because our modern industries are just too efficient, we can literally produce enough food, goods, houses, schools, hospitals, etc for everyone on the Earth. Yet despite this, we still have starving people in the world, homeless people, illiteracy, people lacking access to healthcare, etc. Because under the capitalist system, the goods go to those who can afford it.
Communism is the belief that every resource should be allocated to the people *according to needs.* The Earth's resources are finite, and capitalism only seeks to exhaust the Earth's resources in pursuit of profit, whereas communism is committed to the idea of distributing resources according to needs. Sure, it's not a perfect system but it seems preferable to capitalism, which is overproduction for the sake of profits. What's the point of hoarding profit? When we all eventually die, can capitalists take their profits into the afterlife? No.
Will create more rich, but not super rich.
That is a way to put it
Actually, it can't really fail since it's necessary for move toward internal consumption driven economy.
Let's hope you are right
Shared prosperity is good, if it's only 1% of people than its not good
Pascal simple have one off the best analys of today's China.
It will be interesting to see if the regulations from CCP will create more wealth and inventions.
If this will succeed, China will be much richer than US and it will create very strong geopolitical tensions.
Thanks for sharing your feedback!
China's Common Prosperity
But next to investing real estate and housing, Chinese in mainland China still has the biggest personal saving in the world.
That is true. Saving is what should partially go to consumption to keep growth.
Even after taking the 70% that is in real estate?
Excellent food for thought
Thanks!
It's interesting that 大同 means great unity or great harmony. It looks like "big same", which seems to imply equality more than unity or harmony. (I know very little, and that's from attempting to learn Japanese rather than Chinese, so I'm humbly curious and aware of my ignorance.)
Social equity where the gap between rich and poor is closer is difficult to accomplish. Good luck to China
Agreed. Looking back, the world said for an underdeveloped country like China 40 years ago, it will be very difficult to become an economic power without becoming a liberal democracy. China proved the world wrong, and therefore I am not sure another miracle could not be in the making. Let's keep an eye on the progress in coming years.
If you think the fire is hot 🔥
Raise your hand ✋🙋🏻♂️🔥
I wish China all the best.
It's a malthusian world here in the US...Whether (Weather) it's rain, hurricaine, snow, or Tornadoes....you gotta' get ur asses to work!