Financial professionals are among the highest-paid workers in China, and their wealth has drawn public criticism on social media as the economy slows, drawing Beijing's ire as well.
People wearing face masks ride an escalator past office towers in the Lujiazui financial district of Shanghai, China October 17, 2022. REUTERS/Aly Song/File PhotoFinance workers told to eschew luxury displaysHONG KONG, June 19 - From cutting salaries and bonuses and asking staff not to wear expensive clothes and watches at work, to reining in travel and entertainment expenses, Chinese financial firms have jumped on an austerity drive as Beijing pushes to bridge the wealth gap.
Financial professionals are among the highest-paid workers in communist China and their wealth and flashy lifestyles have often come under criticism from the public on social media as the economy slows, drawing Beijing's ire as well. That has prompted a slew of financial firms, both by state-owned and private-sector, to take proactive measures to ensure they don't fall foul of the authorities, even as official rhetoric on President Xi Jinping's "common prosperity" drive has ebbed.
The mutual fund has also asked staff to refrain from posting pictures of expensive meals, clothes or bags on social media, said an employee, to avoid attracting regulatory glare or public criticism.
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