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nekandro@lemmy.ml to World News@lemmy.ml · 11 months ago

China’s Financial Elite Face $400,000 Pay Caps, Bonus Clawbacks

www.bloomberg.com

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  • cross-posted to:
  • world@lemmy.world
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China’s Financial Elite Face $400,000 Pay Caps, Bonus Clawbacks

www.bloomberg.com

nekandro@lemmy.ml to World News@lemmy.ml · 11 months ago
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The era of big paychecks for Chinese financiers is fast coming to an end as some of the industry’s biggest companies impose strict new limits to comply with President Xi Jinping’s “common prosperity” campaign.
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  • nekandro@lemmy.mlOP
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    11 months ago

    Does anybody actually dislike this result?

    • Guntrigger@lemmy.blahaj.zone
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      11 months ago

      Billionaire CEOs. Imagine if Elon had to comply because Tesla has a factory in China.

      • Reddfugee42@lemmy.world
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        11 months ago

        I just came

    • CyberMonkey404@lemmy.ml
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      11 months ago

      I do, but only because said “financial elite” exists to begin with

    • VelvetStorm@lemmy.world
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      11 months ago

      Removed by mod

      • rando895@lemmygrad.ml
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        11 months ago

        Do you have a source for this suspicion?

        Currently China is almost completely responsible for raising people out of poverty on a global scale. This suggests that, if the CPC is funneling money into the accounts of government officials, it’s mostly being used to build wealth for the people.

        Besides, if the CPC has the power to limit the salaries of the wealthy, why bother jumping through hoops to raise your personal wealth when you could just raise your salary, or use a priori knowledge of the stock markets and accept "lobbying " money to raise your level of wealth like American politicians?

      • CyberMonkey404@lemmy.ml
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        11 months ago

        Why did you put taxes in quotation?

        • VelvetStorm@lemmy.world
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          11 months ago

          Because the local governments are just going to be embezzling it at the end of the day.

      • HobbitFoot @thelemmy.club
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        11 months ago

        The Chinese national government has a surplus, but the local and provincial governments are running massive deficits and have been for a while. I wouldn’t be surprised if a lot of these actions are to free up cash for the necessary wealth transfer to keep the popping of the property bubble from becoming too catastrophic to the retiring population.

      • davel@lemmy.ml
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        11 months ago

        That makes no sense when the CPC can already create as many Yuan as it pleases out of thin air.

  • تحريرها كلها ممكن@lemmy.ml
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    11 months ago

    I like the idea of a maximum wage

  • Des [she/her, they/them]@hexbear.net
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    11 months ago

    but at what cost?

  • davel@lemmy.ml
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    11 months ago

    Nov. 2023: Biden says he still believes Xi Jinping is a dictator 🤡

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