China says its policies aimed at narrowing the widening wealth gap are precisely what it needs in this moment of its economic trajectory

China says its policies aimed at narrowing the widening wealth gap are precisely what it needs in this moment of its economic trajectory – but critics say it comes with even greater control of how business and society will be governed.

And while this “common prosperity” drive is squarely focused on people inside the country it has the potential to have huge repercussions for the rest of the world.

One of the most visible consequences of common prosperity has been the refocusing of corporate China’s priorities to the domestic market.

Technology giant Alibaba, which in recent years has seen its global profile rise, has now committed $15.5bn (£11.4bn) to help promote common prosperity initiatives in China, and set up a dedicated task force, spearheaded by its boss Daniel Zhang.

The firm says it is a beneficiary of the country’s economic progress, and that “if society is doing well and the economy is doing well, then Alibaba will do well”.

Rival tech giant Tencent is pitching too. It has pledged $7.75bn to the cause