Chinese finance firms ask Hong Kong staff to pay back part of their bonuses

Quick Summary:

Some of China’s largest state-backed financial firms are asking employees in Hong Kong to return a portion of their pay, extending President Xi Jinping’s common prosperity’ campaign to the offshore business hub.

Xi’s signature drive has sent shock waves through China’s financial industry since it was rolled out in 2021.

But the move may add to questions about how long Hong Kong can maintain its status as a financial centre, which was undermined by pandemic-era travel restrictions and political upheaval.

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Article Details

Author / Journalist: Bloomberg

Category: Business

Markets: Hong KongChina

Topics: Return Group Financial Employees Chinese Hong Been Everbright China Asked Development

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-07-16 @ 17:41:18 (4 hours ago)

News Timezone: GMT +8:00

News Source URL: scmp.com

Language: English

Article Length: 524 words

Reading Time: 3 minutes read

Sentences: 22 lines

Sentence Length: 24 words per sentence (average)

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

Copyright Owner: © SCMP

News ID: 21650219

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Official Website: scmp.com

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