China will promote common prosperity, improve wealth distribution – Xi

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BEIJING — President Xi Jinping said on Sunday that China will solidly promote common prosperity, improve the system of wealth distribution and accelerate the development of a housing system based on both home rental and purchases.

China will “increase the income of low income-earners, expand the middle-income class, regulate the order of income distribution and regulate the mechanism of wealth accumulation,” Xi said at the opening of the once-in-five-year Communist Party Congress in Beijing.

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Xi said China should step up building a housing system where people can buy and rent homes supplied by various entities and through multiple channels. (Reporting by Beijing Newsroom; Editing by William Mallard)