China will establish a common prosperity demonstration zone in East China Zhejiang Province that aims for quality development and higher income, reaching the income level of advanced economies by 2035, according a statement released by China’s State Council on Thursday.
According to the statement, by 2025, Zhejiang Province will make “significant and substantial progress” in building a common prosperity demonstration zone. The quality and efficiency of economic development will have improved significantly, the per capita gross domestic product will have reached the level of medium developed economies.
The statement also noted that the basic public services will have been equalized by 2025, with the gap between urban and rural development, and the living standards of urban and rural residents narrowing. the income-generating capacity and social welfare level of low-income groups will be significantly improved, with a significantly enlarged middle-income group.
By 2035, Zhejiang Province will have made “greater achievements in high-quality development” and will have “basically achieved common prosperity”. GDP per capita and urban and rural residents’ income will reach the level of advanced economies.
Income and wealth will also be more evenly distributed, with more efficient management and legal framework.
The statement also stated that quality development, including more equality, tighter social safety net and better environment will be aimed in the demonstration zone.
The statement said that Zhejiang will follow a set of guides to achieve the goal, including enhancing innovation, raising industrial competitiveness and cultivating a more energetic market.
The aerial photo taken on May 26, 2021 shows the Huailu hub of the Zhuyong Expressway in east China’s Zhejiang Province. It stretches 8,947 meters in length, with a total investment of 420 million yuan (near 66 million US dollars).Photo:China News Service
