China to set annual salary cap on finance sector amid common prosperity push, sources say

Quick Summary:

The 3 million yuan (US$412,460) yuan annual salary limit will be applied to all state-backed financial institutions, sources say.

The limit will be applied to all state-backed brokerages, mutual fund firms and banks, except financial institutions backed by private investors, the sources said, adding that the information is not meant to be made public.

The outlook for the financial industry may not improve immediately, as the rebound in the yuan-denominated stock market falters and the downturn in home prices continues amid a patchy economic recovery.

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Article Details

Author / Journalist: Zhang Shidong

Category: Business

Markets: Hong KongChina

Topics: Year Years Yuan Salary China According Companies Cent Financial Million Industry

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-07-04 @ 07:30:09 (2 days ago)

News Timezone: GMT +8:00

News Source URL: scmp.com

Language: English

Article Length: 816 words

Reading Time: 5 minutes read

Sentences: 22 lines

Sentence Length: 38 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © SCMP

News ID: 21475411

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