The Chinese leadership is talking about common prosperity as a policy driver. This could be a cue for those with great wealth to recycle it back into society, the so-called third round of distribution. Together with other recent changes to how the economy is run, the China model seems to be taking shape. Chinese leaders call the country’s economic model a socialist market economy with Chinese characteristics. It might sound like a mouthful, but three of those words – Chinese, socialist and market – are taking on proper substance now.
China makes up 17 per cent of the global economy, a figure that could double in two decades. Just by virtue of its weight, the China model has far-reaching consequences for the world. It is fair to say the world is entering the Chinese century, with all its benefits and limitations. >>>