A recent seminar in Hangzhou, Zhejiang province, about Zheng Yongnian's latest book, The Chinese Approach to Common Prosperity, detailed endeavors related to common prosperity in the country and how it can be of value to the world.

Achieving common prosperity is an arduous and complex project that requires a long-term effort. Social science theorists need to conduct sustained research over time, said Zheng, who is a professor at Chinese University of Hong Kong, Shenzhen, and president of the Institute for International Affairs, Qianhai, in Shenzhen.

Zheng said the exploration of common prosperity in Zhejiang will be of significance for China but will also provide guidance for the world.

"Zhejiang is not just an industrial powerhouse. It also has a strong agricultural sector. Rural agricultural civilization in Zhejiang is doing very well," he said.

Common prosperity is an essential requirement of socialism and a key feature of modernization. It aims to narrow the country's wealth gap and improve the quality of life for more people after eradicating absolute poverty.

In May last year, Zhejiang was designated as a demonstration zone for common prosperity. It has set a target of generally achieving common prosperity by 2035, when the province's per capita GDP and income of its urban and rural residents are expected to be on par with developed economies.

Two universal problems have puzzled humans since ancient times — poverty and inequality, Zheng said at the Common Prosperity Summit Forum, which was held on the same day in Hangzhou.

In addition, authorities in East China's Zhejiang province have released a series of policies to promote rural revitalization and rural agricultural modernization.

The policies, which contain 26 measures, are focused on improving the efficiency and capacity of agricultural production as well as the research and development of related technologies. They are also aimed at helping Zhejiang become a demonstration zone for common prosperity.

The staff of Yiwu Rural Commercial Bank signed a contract for the villagers to help them to get economic compensation.

Through these policies, the province aims to increase the added value of the agriculture, forestry, animal husbandry and fishery industries by more than 2 percent, as well as boost the per capita disposable income of rural residents by more than 8 percent in 2022.

Authorities are also targeting a further reduction in the urban-rural income gap.