Not an investor or an economist, but I have worked as a legal researcher for attorneys supporting business clients with interests in China and elsewhere in Asia. For whatever it’s worth, my personal opinion is that it’s too soon to tell what this really means. Chinese leadership is known for making statements that sound like pure economic policy, but later develop as brute-force strategies to attack individuals or groups inside the country they view as political rivals. That’s how they used their “anti corruption” initiative to remove popular mayors & provincial governors seen as too independent of Beijing, and that’s what’s behind the move to curb tech compainies multinational growth. It’s also worth noting that this egalitarian sounding declaration on “excessive” private wealth comes at the same time the FBI has warned that Chinese theft of US scientific and engineering intellectual property amounts to ”...one of the largest transfers of wealth in history.” :
https://www.fbi.gov/investigate/counterintelligence/the-china-threat Xi Jinping and the rest of the CPC leadership are increasingly acting as oppressive, dictatorial overlords who will manipulate and threaten private entrepenuers in China to harden their grip on power. Internationally they will twist trade agreements, bribe research experts, and steal from business partners to gain market control and technical dominance. No one should trust that they will follow ethical business practices or rule of law. Foreign investors who don’t act to protect themselves will not only lose money, but invaluable trade secrets. So I guess I’m more than skeptical that this latest declaration from Xi and his ministers really has anything to do with a fair redistribution of wealth for the benefit of Chinese society. I think instead it’s more likely a calculated attack aimed at bringing private business under party domination. Only time will tell.