Business
Beijing’s Major Overhaul: China Targets ‘Money Worship’ and Excess in Financial Sector Amid Industry Reshuffling
China is taking steps to eradicate the glorification of wealth and negative tendencies in the financial sector. The country's financial industry is experiencing considerable restructuring, including job cuts and salary reductions as part of Beijing's initiatives to diminish risks.
Financial overseers in China have directed the securities, funds, and futures sectors to eradicate negative tendencies such as the idolizing of wealth, lavishness, and excessive speculation. This is the latest indication of the continuing challenging metamorphosis of the financial industry.
Chen Huaping, the deputy head of the China Securities Regulatory Commission (CSRC), stated that there would be a reduction in short-term thinking and excessive displays of wealth. This statement was made during the inauguration of the financial education promotion month held on Sunday.
Chen stated that industry experts will be encouraged to appreciate their professional standing and stick to moral principles, cultivating a persona of honesty, professionalism, 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 collectively coordinated the 2024 financial education promotion month. This initiative is aimed at increasing public understanding of financial matters.
Despite once flourishing with numerous investment prospects, projects and a constant influx of substantial funds, along with well-compensated bankers and brokers, China's financial sector is currently experiencing major restructuring.
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