China's Elite Financiers Face Pay Caps, Bonus Clawbacks
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- Опубликовано: 6 сен 2024
- Some of China's top financial conglomerates will impose strict new limits on compensation to comply with President Xi Jinping’s “common prosperity” campaign. According to people familiar with the matter, senior staff at different state entities are being asked to forgo deferred bonuses and, in a few cases, return pay from previous years. John Liu reports on Bloomberg Television.
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They are public employees. They've been making way more than the average public servants for years. This is just a small step in combatting inequality in a society. Makes sense!
Wonderful! Learning from the perils of enormous wealth inequality in the US. The middle class there is eroding fast; the top 1% there owns 32.3% of the country's wealth, while the bottom 50% only owns 2.6%.
If the regulation only applies to state owned company, it may related to government corruption in financial sector
@@jiezhang3288 yes there was a high level chinese banker that was sentenced to death after being caught stealing hundreds of millions.
Duty. Not greed at the expense of corporate future and employees. Lessons learnt from the observation of the impact of unbridled greed in US corporations that are destroying the US middle class and the economy.
lmao you literally just destroyed your middle class with the property collapse and your treatment of workers is one of the worst in the world. Thats why you have all these protests and strikes against Chinese companies in all kinds of countries like Vietnam and India wherever these Chinese companies go. So please spare me the hypocrisy on greed and labor and pretending to stand the moral high ground.
Duty ki lan lah! How much tax do you pay? The wealthy don’t make their money from salaries. This just glass ceilings their upper middle class.
So what?
Recent Zhongzhi's disclosure about its $64 billion debt has made concerns becoming a reality
that China's property crisis is now spilling over the financial sector.
You must be a stupid taiwanese.
financial industry just extracts a parasitic vig from otherwise productive (or non-productivity) monetary flows, sucks for bankers
Should have similar rules in the US and other countries for banking executives and C-suite of publicly traded companies. These people don't own the money, banks just borrow your money that you deposited. The C-suite of public companies get paid 10s of millions a year and the public owns the company, including options paid based off stock price appreciation. It's a big ponzi scheme that benefits the executives. Pay should be limited to a multiplier of the average salary within that company. 100 x the average? 50 x the average? I don't know what number, but such a rule should exist.
Having to pay back salary you earned in past years and bonus you accrued _retrospectively_ due to a new decree is exactly why one shouldn't do business in China. It is great that the government is capping income of bankers, _this time around._ Cheer all you want, but next time when it's your turn to become the state's ATM, don't cry.
rant as you want. it doesn't affect them at all.
400k USD in China is INSANE MONEY.
This is a GOOD THING
They’re state owned companies, not private like tencent. It’s probably due to the corruption
Because of the fake performance??
They’re SOE. Imagine the federal reserve board members or the federal savings and home loan associating paying itself a million dollar salary.
"If I can't make more money by working harder, why should I work hard at all"?
Don't interupt an enemy when they are making a mistake.
Not many economics 101 books floating around the offices of Xi and his cronies.
Sending thoughts and prayers
$400k? Isn't that what new college graduates get paid at global banks?
A financial expert says China's 🇨🇳 banking system is in a free fall.
专家？搬砖的专家
Hey Chang, speaking of expert you ain't doing too bad yourself. I for one consider you the pinnacle of stereotype China experts.
Why doI keep seeing this guy comment negatively on China on every news video?
They been saying this for years, its all rubbish. I remember the China will collapse in 29 days videos from all the US youtubers 🤣
your comments on China is in a free fall for sure
If a person deserve to be rewarded bc of ability, talent and results.. but a country “capped” their salary. Then they should stop any talents from leaving.
Based on history and political science “loyalty to country” it a good way for politicians to forcefully or with coercion to enforce against the will of citizens (to sacrifice for the good of country or collective good; which is bs bc politicians exploit the poor just bc the poor is first to give and last to benefit)
Finally poor journalist lol
chau chào moi ngừơi chau xin tắt cả moi ngừơi vao đang ki hộ chau với 🙏🙏🙏🙏😭