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Chinese President Xi Jinping called during a meeting of the Central Committee for Finance and Economy to regulate and adjust “excessively high” and “irrational” incomes, the Chinese Communist Party (CCP) news network reports on its website today.
In the text prepared by the Committee, it cites “the need” to “regulate excessively high incomes” and to “encourage individuals and enterprises” to “give more back to society.”
The document also calls for “strengthening the health care and pension system” and “supporting the development of small and medium-sized enterprises.”
According to a study published by local media outlet China News Service, the three sectors with the highest average salaries in China in 2020 were, in that order, IT and software, finance and scientific research.
Chinese regulators have recently stepped up scrutiny and regulation of the first of these sectors, to which large technology companies belong, for alleged monopolistic practices and violations of national security and data protection laws.
In this way, the Chinese Communist Party is taking a step towards what they call socialism with Chinese characteristics.