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To understand what President Xi Jinping envisions in his calls for “common prosperity,” look to the pilot program underway in the wealthy province of Zhejiang — home to 65 million people and some of China’s most successful private companies.

Xi’s mounting campaign to spread the wealth has sent shock waves through the economy, triggering market sell-offs and speculation that China will reverse reforms that have lifted incomes nationally and created a class of powerful billionaires.

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