Xi’s crackdown on China’s financial sector fuels industry brain drainVilified by Beijing over their lavish lifestyles, Chinese finance workers are rethinking their careersBloomberg NewsHer annual bonus was slashed by 60 percent and her salary was frozen. Xi’s economic slogan for pursuing “high-quality development” signaled a desire to avoid another bout of unsustainable debt-fueled growth, potentially squeezing profits at the financial sector. “You never know when authorities might come up with another campaign to regulate the finance industry, there’s no certainty,” Gracie said. “I don’t think I can get as well paid as before in the finance industry,” she said, also asking that her full name not be disclosed. “I’d like to think the finance industry is still of relevance and importance,” he said.

Source: Taipei Times March 03, 2024 17:50 UTC