China's biggest social media platforms launched a synchronized crackdown on parading wealth last week, removing thousands of posts and punishing dozens of influencers for promoting "bad values." Showing luxury services or goods to exaggerate how one can earn "millions in a month," achieve financial independence or start a lucrative business from scratch. Xu claimed that the barred influencers grew their fame by "showing off their wealth" and, in turn, became rich by selling products on livestreams. AdvertisementMore recently, common prosperity has evolved into a crackdown on "excessive wealth," with the central government stepping up regulations on private industry giants and wealthy families. Beijing seems to have toned down its rhetoric of common prosperity as its economy struggled in the post-COVID era.

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Persons: —, Xu Qiuying, Xu, Xi Jinping, laud Organizations: Service, Business, Twitter, Weibo, Beijing, Central Cyberspace Affairs Commission, China's Locations: China, Weibo, Xiaohongshu, Beijing