The phrase common prosperity has gained prominence this year, as China is determined to bring better lives to more people. What does common prosperity mean? How was it formed? What were China's experiences in the past decades in making the "cake" or economy bigger? And how to realize the benefits sharing on a larger scale?

Watch the video as China Daily reporter Ian Goodrum talks about the issues of common prosperity with Li Shi, dean of Zhejiang University's Institute for Common Prosperity and Development.