Get App
Download App Scanner
Scan to Download
Advertisement
This Article is From Aug 25, 2021

Xi Visits Elder-Care Facility Amid Drive for ‘Common Prosperity’

STOCKS IN THIS STORY
Goenka Business & Finance Ltd.
--
Cosco (India) Ltd.
--
MSCI World
--
Pritika Auto Industries Ltd
--
SAB Events & Governance Now Media Ltd.
--
MSCI AC Asia ex-Japan
--
BSE Healthcare
--

President Xi Jinping made a high-profile visit to an elderly-care facility in a Chinese province bordering Beijing, highlighting the government's campaign to ensure more people enjoy economic well-being after decades of rapid growth.

Xi toured the government-run organization Tuesday in Chengde, in the northern province of Hebei, the official Xinhua News Agency reported. The facility provides services to elderly people who are still living in their own homes, it added.

Xi Doubles Mentions of ‘Common Prosperity,' Warning China's Rich

The move comes as Xi's administration ramps up its use of the slogan “common prosperity,” signaling a shift in economic policy that aims to see the middle class enjoy more of the fruits of the nation's economic gains.

China is also dealing with a massive demographic challenge given a rapidly aging population. The government said in late May that couples would be allowed to have a third child, a change that officially became law on Aug. 20.

Xi's trip to Chengde, about 230 kilometers (140 miles) northeast of Beijing, also included a visit to a tree farm, during which he called on officials to do more to protect the environment.

©2021 Bloomberg L.P.

With assistance from Bloomberg

Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.

Newsletters

Update Email
to get newsletters straight to your inbox
⚠️ Add your Email ID to receive Newsletters
Note: You will be signed up automatically after adding email

News for You

Set as Trusted Source
on Google Search