Common prosperity, an essential requirement of socialism and a key feature of Chinese modernization, has always been one of the goals of the Communist Party of China, Yao Yang, dean of the National School of Development of Peking University, said.

He explained that China, now the world’s second largest economy, realized the first centennial goal of eradicating extreme poverty, in 2020. It’s just the right time to recall the Party’s great ambition and to provide common prosperity to all Chinese people.

He also noted that to promote common prosperity, China should avoid the welfare state trap. The key is to help improve people’s capability so they can generate income on their own. And education equity is essential for China to achieve common prosperity.