Opinion | Why China is taking wealth redistribution seriously

Oxfam’s core mission globally is to combat poverty and social injustice and address the root causes of inequality. The organisation operates through various programmes dedicated to economic justice, gender equality, climate action and humanitarian response, all aimed at fostering a world where everyone can thrive and live with dignity.

As a former vice-chairman of Oxfam Hong Kong, I have always been inspired by the organisation’s core values and significant contributions to social justice. Economic inequality is one of the most pressing global challenges today, and like climate change, it demands our immediate attention.

This urgency was underscored recently when a troubling episode of The Lang and O’Leary Exchange, initially broadcast by Canada’s CBC News Network in 2014, resurfaced on social media, highlighting the ongoing relevance of these issues.

In this episode, co-host Amanda Lang referenced a global survey by Oxfam, revealing that a small number of ultra-wealthy individuals and corporations controlled a disproportionate share of the world’s wealth. Co-host Kevin O’Leary reacted with unexpected zeal, suggesting that this concentration of wealth should motivate those living in extreme poverty to strive harder, leaving Ms Lang visibly shocked.

Fast forward 10 years to today, and the trend continues. According to the latest Oxfam briefing paper “Inequality Inc.”, since 2020, the richest five men in the world have doubled their fortunes while almost five billion people globally have become poorer.

Income inequality has become a pressing issue in China. The country has undergone a massive explosion in wealth creation which, according to the World Bank, moved almost 800 million people out of extreme poverty. In the process, it also created the second largest number of billionaires in the world, trailing only the United States.