China Needs Property, Inheritance Taxes to Realize 'Common Prosperity,' Expert Says

change language language (Yicai Global) Aug. 18 — China will need property and inheritance taxes to achieve the "common prosperity" that President Xi Jinping spoke of at a finance and economic meeting yesterday, according to a leading expert in Chinese tax law. At the meeting of the Central Committee for Financial and Economic Affairs, Xi, who chairs the committee, stressed efforts to promote common prosperity, an essential requirement of socialism and a key feature of Chinese-style modernization. Pushing forward with real estate and inheritance taxes is a key way to stop the wealth gap from expanding, Shi Zhengwen, a professor…