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The Lowdown Hub

Xi promises ‘third distribution’ of wealth in billionaire crackdown.

President Xi promised to tackle a widening wealth gap REX FEATURES

President Xi warned China’s burgeoning ranks of billionaires that they are expected to do more to “repay society” as he set out new rules for the rich.

Under a scheme called “the third distribution”, Xi said that the newly wealthy must contribute more to achieve “common prosperity” nationally by 2035.