Chinas Finanzelite muss mit Gehaltsobergrenzen von 400.000 Dollar und Bonusrückforderungen rechnen

14 comments

1. *From Bloomberg News reporters:*

   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.

   The nation’s largest financial conglomerates have asked senior staff to forgo deferred bonuses and in some cases return pre-tax pay in excess of 2.9 million yuan ($400,000) from previous years, according to people familiar with the matter.

   China Merchants, China Everbright and Citic Group are among state entities that have conveyed the guidance to employees at some of their units in recent weeks, said the people, asking not to be identified discussing a private matter. Some mutual fund managers are also being pressured to return non-compliant pay earned in previous years, the people said.

2. Making money is great motivator. If Xi want to cap wages then he himself should set example by cutting back his income and that include any from under the rug.

3. Great, now do America

4. They will flee to America.

5. Yeah… totally “capping” the elites in China. In realty they ain’t gonna do shit. Typical CCP

6. Sounds like a great recruiting strategy for us and time to open up some new visa spots for those with high income jobs.

7. Sounds good in theory (to a degree), but this realistically means nothing for the people that are the real problem I.e. the truely corrupt who make their huge profits indirectly by illegal means. This will mostly hurt the high income earning regular joe who abides by the law.

8. Will Xi claw back his billion dollar wealth?

9. I’m all for a large tax increase for the extremely wealthy but 400k cap is absurd.

10. Black market mob scene boutta pop off. These greedy fellas won’t be denied.

11. With a country as corrupt as China this will only lead to more corruption as the rich find ways to continue exploiting the system. And Xi will gleefully take advantage of said corruption by selectively purging enemies for participating in said corruption. This is not speculation, this is Chinese history, like all things it has happened before and will happen again.

12. Does this apply to owner draws or only to employee wages?

13. The progressive income taxes in much of the West are similar. After a certain point it barely makes sense to try to earn more. The toughest thing I read was that they want people to pay back amounts over $400k from previous years. That money could well be mostly gone already; that will be tough. 

14. I mean we get to see real time if this helps bring about common prosperity or if it stifles industrialism.