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Xi's 'common prosperity' forces Wall Street to rethink China risks

Reforms to reduce wealth inequality bring pitfalls and opportunities for private sector

Chinese President Xi Jinping applauds at a meeting commemorating the 110th anniversary of Xinhai Revolution at the Great Hall of the People in Beijing on Oct. 9.    © Reuters

NEW YORK -- A week after details of Chinese President Xi Jinping's new political slogan "common prosperity" were published in a Communist Party journal, investors on Wall Street are coming to the realization that the world's most populous country may be on a significantly different path from before.

Reducing wealth inequality and greatly expanding the middle class are the main pillars of the new era. A timeline for the program became public for the first time: "Remarkable and substantive progress" toward common prosperity by 2035.

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