Reported 9 months ago
China's financial elite are facing new regulations as some of the country's major financial companies are enforcing strict salary limits in alignment with President Xi Jinping's 'common prosperity' campaign. Companies like China Merchants Group, China Everbright Group, and Citic Group Corp. are instructing senior staff to adhere to pre-tax caps and return non-compliant pay, impacting investment bankers and fund managers the most. This move reflects a shift towards more equal distribution of wealth and tighter party control within China's financial industry.
Source: YAHOO