Common prosperity is widely said to be an essential requirement of socialism and is additionally a key feature of modernization – leading to a better standard of living that is shared by everyone, both in material and cultural terms.
Yiwu – a county-level city administered by Jinhua in East China's Zhejiang province – has reportedly drafted a blueprint for common prosperity, determined to achieve it in stages, via the digital economy.
The plan envisages that by 2025, significant progress will have been made in creating common prosperity demonstration zones using digital means. A series of concomitant landmark achievements made by Yiwu are intended to be replicated and promoted elsewhere and one important goal will be that per capita disposable income of its residents will top 100,000 yuan ($15,520).
Another benchmark is that by 2035, a high level of common prosperity will be realized in Yiwu – with major indicators such as per capita income reaching the level of developed economies.
It is understood that the goals chime in with the blueprint charted at the Ninth Plenary Session of the Seventh Jinhua Municipal Committee of the Communist Party of China, that was held in July.
The plans call for the construction of a digital free trade zone with a total trade valued at over 1 trillion yuan, endeavors advancing regional common prosperity and tech upgrades of agriculture, among other things.
