Tough challenges ahead to achieve common prosperity given wealth gap in country, says China

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wealth disparity, with the top 1 per cent owning more wealth than the poorer half of the population in total by some estimates.

China's Gini coefficient fell to 0.468 last year, down from a peak of 0.491 in 2008

"We will continue to control and narrow the wealth gap," Mr Ning said, pointing to the charity sector as one way to do so...Technology giants Alibaba and Tencent have pledged 100 billion yuan (S$21 billion) each to support China's march towards common prosperity. Other big names that have done likewise include Pinduoduo, Xiaomi and Meituan, which collectively have donated billions to social causes.