Beijing treads fine balance in common prosperity drive

BEIJING – China’s latest drive to close the widening gap between its rich and poor by clamping down on top earners such as tech billionaires has stoked fears that the world’s second-largest economy will lose its lustre.

Concerns about heavier government intervention arose among some economists last month, right after policymakers vowed to “adjust excessive incomes” in China, where the top 1 per cent holds more wealth than half of the population.

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