Exploring the Construction of a Grey Relational Analysis-Rank Correlation-Based Indicator System for Common Prosperity: A Case Study of Zhejiang Province

Common prosperity is an essential requirement of socialism. This paper examines the discourse on the proportion of the middle-income group and the research of scholars on common prosperity both domestically and internationally. A method for estimating the middle-income group, incorporating the consumer price index, is proposed, and the proportion of the middle-income group in Zhejiang Province over the past decade is calculated using the kernel density estimation method and included in the indicator pool. Relevant indicators are selected through grey relational analysis and rank correlation analysis, and a measurement system for the degree of achieving common prosperity is constructed, consisting of five primary indicators and twenty-five secondary sub-indicators. Taking Zhejiang Province as an example, the degree of achieving common prosperity and the implementation status of the five dimensions over the past decade are calculated. The results show that the scores of the five dimensions have shown a spiral upward trend in the past decade, but due to the impact of the epidemic, the overall degree of achieving common prosperity has declined after 2020.