Renowned hedge fund founder Ray Dalio of Bridgewater Associates LP supports China's push for "common prosperity", or greater equality, and said the US and other countries could benefit from a similar approach, the Wall Street Journal reported on Monday.

"Common prosperity is a good thing," that can bring widespread opportunity would lead to a better economy and a fairer system, and it's just part of the evolutionary process, the WSJ article said, citing Dalio.

Dalio has also stressed the benefits of investing in the Chinese mainland, saying that "we've been doing that for about three years onshore. I'm just thrilled to be a participant".

According to the Wall Street Journal, Bridgewater had raised the equivalent of $1.25 billion for its third investment fund in China, its largest to date.