Bridgewater Associates founder Ray Dalio backed China’s push for “common prosperity”, or greater equality, under President Xi Jinping and said countries such as the US could benefit from a similar approach.

Beijing’s pursuit of common prosperity has been a driver behind its wide-ranging crackdowns on sectors such as e-commerce, video games, property and after-school tutoring. The heightened regulatory pressure in turn has caused steep declines for many Chinese stocks listed in the US and Hong Kong, and prompted many investors to reassess the risks and rewards of Chinese assets.