China's Financial Sector Undergoes Major Overhaul: Purges and Pay Cuts Abound
2025-01-14
The Wall Street Journal on MSN.com
In a bid to curb capitalist excess, China's finance sector is experiencing a significant transformation, with Xi's campaign leading to the exit of internationally experienced financiers and the rise of a new generation of loyal functionaries. This shift is expected to have far-reaching implications for the country's economic landscape, with potential impacts on financial regulation, investment, and economic growth. As the sector undergoes this upheaval, key players are adapting to the new normal, with a focus on compliance and loyalty. With the landscape evolving rapidly, China's financial future remains uncertain, amidst talks of economic reform and market volatility.
