China’s Financial Regulators Face Deep Pay Cuts After Revamp
- Some officials face pay cuts of 50% in regulatory revamp
- Beijing pushes to defuse major financial and economic risks
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China’s financial watchdogs are facing massive pay cuts as Beijing overhauls the regulatory regime to further tighten the reins on the $60 trillion industry and comply with President Xi Jinping’s “common prosperity” drive.
Under the shake-up announced on Tuesday, China will set up a new national regulator to oversee all financial sectors except the securities industry. Staff at regulators including the central bank, the foreign exchange regulator, the new authority and the securities watchdog will be paid on par with the nation’s public servants.