The term "common prosperity", which has been brought up several times in China's key official documents, has gained global attention.

In June, China issued a guideline on building the eastern province of Zhejiang into a demonstration zone for achieving common prosperity. Under the guideline, the province will strive to achieve common prosperity by 2035, with its per capita gross domestic product and the income of urban and rural residents reaching the standard for developed countries.

In an article published on Aug 31, Bloomberg listed six elements of the Zhejiang plan that could quickly spread to a national level. These are: modest target, rapid growth, stable housing market, rural development, more education and charitable donations.

Zhejiang, which has 65 million people, is home to some of China's most successful private companies, the article said. The private sector accounts for 66 percent of the provincial GDP, compared to about 60 percent at the national level.

The plan doubles down on China's model of already successful urbanization and upgrading manufacturing to more high-tech sectors, said the article.

Last month, China unveiled an action plan to promote rural vitalization in Zhejiang province. The plan, jointly released by the Ministry of Agriculture and Rural Affairs and the provincial government of Zhejiang, detailed multiple measures to build the economic powerhouse into a demonstration zone of rural vitalization in the next five years.