Beijing Targets ‘Money Worship’ and Risky Trends in Major Overhaul of China’s Financial Sector

China is taking steps to eradicate the glorification of wealth and unfavorable tendencies within its financial sector. The country's finance sector is experiencing considerable reorganization, as job cuts and salary reductions are part of Beijing's strategy to lessen hazards.

Financial overseers in China have instructed the securities, funds, and futures sectors to eradicate unfavorable tendencies such as the idolization of wealth, lavishness, and extreme speculation. This marks yet another indicator of the ongoing challenging metamorphosis within the finance sector.

Chen Huaping, the vice-chairman of the China Securities Regulatory Commission (CSRC), stated that they plan to limit short-term gains and the ostentatious display of wealth. He made this statement during the inaugural ceremony of the financial education promotion month on Sunday.

Chen stated that industry experts will be encouraged to prioritize their professional reputation and maintain ethical principles. This approach will promote a perception of honesty, professionalism, and accountability, thereby gaining the trust and faith of investors.

The 2024 fiscal literacy awareness month is a collaborative initiative of the National Financial Regulatory Administration, the People’s Bank of China, and the CSRC, aiming to enhance the understanding of financial matters among the public.

The financial sector in China is experiencing substantial reorganization, even though it was previously flourishing with ample investment prospects and ventures, continuous influx of lucrative capital, and highly compensated bankers and brokers.