Common meaning:

Discrimination against someone based on their racial group.

Hidden meaning of the Equity religion: 

Discrimination that white people can commit against black people, but black people cannot commit against white people.

Discussion:

Equity belief says that it is only possible for racism to be committed by white people toward black people. 

In reality, a member of a racial group can be racist against a member of any other racial group. There is no special category of racism that belongs to white people. When we look at human existence, we find that we are all killers and there are basically no innocent people on the planet anywhere. All of our ancestors have been murderers and all of our ancestors have practiced some form of racism.

The Equity belief that only white people are racist leads to highly problematic results. For example, if an entertainment celebrity declares that the Nazis were not racist, but only inhuman, then they are correctly and honestly presenting true Equity doctrine, that the only racism that exists is white against black. 

The problem is it is a lie and in the real world, the Nazis were highly racist toward other groups, including the Jews, Gypsies and Slavs.

We all can be racist, no matter what racial group we belong to.