Free Republic

Hong Kong (CNN Business)Chinese President Xi Jinping this week issued a bold new pledge to redistribute wealth in the country, piling more pressure on the country's richest citizens and businesses. Xi told top leaders from the ruling Chinese Communist Party on Tuesday that the government must establish a system to redistribute wealth in the interest of "social fairness," according to a summary of the speech published by Xinhua, the official state news agency. He said it was "necessary" to "reasonably regulate excessively high incomes, and encourage high-income people and enterprises to return more to society." ,,,Xi even invoked the need...