China needs to cut its Gini coefficient, a measure of income inequality, to under 0.4 in order to achieve common prosperity, an adviser to the country’s central bank said. The Gini coefficient should be lowered from its current level of 0.47 to close to 0.4 by 2025 and then toward 0.35 by 2035, according to Cai Fang, a member of the People’s Bank of China’s monetary policy committee. Cai’s comments are notable since government officials haven’t set national numerical targets for the Communist Party’s common prosperity drive, which was given high-profile backing by President Xi Jinping in August. The Gini measure ... (full story)