Common prosperity is leading to “de-private banking” in China

The Great Hall of the People, Beijing

Since 2020, President Xi Jinping’s strategy of reducing wealth inequality, known as ‘common prosperity’ (共同富裕), has been central to reaching China’s next stage of development. The consequences for private banking in Asia’s largest economy are now becoming clear. During a recent trip to Beijing and Shanghai, Asian Private Banker spoke to almost 20 Chinese firms about how they plan to…

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