Business
Beijing Targets ‘Money Worship’ and Excess in Major Overhaul of China’s Financial Sector
China is taking steps to eradicate the glorification of wealth and negative tendencies in the financial sector. The financial sector in China is experiencing a major reorganization, with job terminations and salary reductions as part of Beijing's initiatives to minimize risks.
Financial watchdogs in China have commanded the securities, funds, and futures sectors to eradicate negative practices such as idolizing wealth, lavishness, and extreme speculation. This is the most recent indication of the continuing difficult changes in the financial industry.
Chen Huaping, Vice-Chair of the China Securities Regulatory Commission (CSRC), stated that there would be a reduction in short-term thinking and conspicuous display of wealth. He made this remark during the inauguration of the financial education promotional month on Sunday.
"Chen stated that industry experts will be coached to appreciate their professional standing and stick to moral principles. This will cultivate an impression of honesty, expertise, and accountability that gains the faith and assurance of investors,"
The National Financial Regulatory Administration, the People's Bank of China, and the CSRC have come together to arrange the 2024 Financial Education Promotion Month. This initiative aims to spread awareness and understanding of financial literacy.
The financial sector in China is experiencing considerable restructuring, even though it was once flourishing with abundant investment prospects and initiatives, continuous inflow of lucrative capital, and high-earning bankers and brokers.
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