To understand what President Xi Jinping envisions in his calls for “common prosperity,” look to the pilot program underway in the wealthy province of Zhejiang, home to 65 million people and some of China’s most successful private companies. 

Xi’s mounting campaign to spread the wealth has sent shock waves through the economy, triggering market sell-offs and speculation that China will reverse the reforms that lifted incomes nationally -- and created a class of powerful billionaires. 

In fact, there is already evidence of how far Beijing intends to go. In June, the national government designated Zhejiang, China’s third-richest province, to pilot policies designed to reduce inequality, and in July, it released detailed targets. 

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