Ningbo unveils action plan to promote common prosperity

Ningbo in East China's Zhejiang province recently rolled out a three-year action plan to promote common prosperity.

According to the plan, the city will strive to raise the income and social benefits of local residents.

By 2025, the city aims to lift the proportion of labor compensation in the city's gross domestic product (GDP) to more than 50 percent.

In addition, the local government has set a target of having 80 percent of the families earn an annual disposable income of over 100,000 yuan ($15,384.6) and 40 percent earn between 200,000 and 600,000 yuan.

The development gap between Ningbo's urban and rural areas has narrowed significantly in recent years. In 2021, the income ratio between urban and rural residents in the city stood at 1.72. This was the 17th consecutive year the city's urban-rural income gap had narrowed.

In June 2021, the Communist Party of China Central Committee and the State Council, China's Cabinet, unveiled a guideline to build Zhejiang into a demonstration zone for common prosperity. According to the guideline, the province will achieve this goal and see its per capita GDP and the incomes of urban and rural residents reach the standards of developed countries by 2035.