Xi's common prosperity takes a back seat ahead of re-election

The postponement is more of a tactical retreat than a complete abandonment of Xi's plans, which the Chinese Communist Party continues to portray as a long-term goal, the report further said.

As Chinese President Xi Jinping seeks a historic third term in power, the country's officials who till a few months ago were ferociously advertising a new era of “common prosperity,” slapping penalties on tech behemoths and wealthy celebrities, have shifted their focus to keeping the economy stable and growing, for now, a media report said.

The Communist Party is now putting its advertising campaign on hold, the Hong Kong Post reported, saying, Beijing implies that Xi's push to redistribute wealth has unnerved the private sector, a pillar of development and job creation when China's financial outlook is bleak. As Xi prepares to get re-elected for a third five-year term later this year, he has attempted to portray China as more prosperous, influential, and stable under his rule, the report said.