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Politics

Xi's China moves away from Deng Xiaoping's 'get rich first'

President calls for wealth redistribution and clampdown on high incomes

A screen shows late Chinese leader Deng Xiaoping during a show commemorating the 100th anniversary of the founding of the Communist Party of China at the National Stadium in Beijing on June 28.    © Reuters

SINGAPORE/BEIJING (Financial Times) -- President Xi Jinping has called for stronger "regulation of high incomes" in the latest sign that a 10-month campaign targeting China's largest technology companies is rapidly expanding to encompass broader social goals.

State media reported that a meeting of the Chinese Communist Party's Central Financial and Economic Affairs Commission on Tuesday, chaired by Xi, had emphasized the need to "regulate excessively high incomes and encourage high-income groups and enterprises to return more to society."

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