China Cracks Down on ‘Money Worship’ and Excess in Financial Sector: A Move towards Ethical Standards and Financial Literacy

China is taking steps to eradicate the idolization of money and unwelcome tendencies in the finance industry. The financial sector in China is experiencing a major overhaul, with job cuts and salary reductions being implemented as part of Beijing's strategy to mitigate risks.

Financial overseers in China have instructed those in the securities, funds and futures sectors to eradicate negative practices like the obsession with wealth, lavishness, and over-speculation, marking yet another indicator of the ongoing strenuous changes in the financial industry.

Chen Huaping, the Vice-Chairman of the China Securities Regulatory Commission (CSRC), stated that they aim to reduce short-term thinking and ostentatious displays of wealth. He made these comments at the inauguration of the financial education promotional month on Sunday.

"Chen stated that industry experts will be encouraged to uphold their professional reputation and stick to ethical norms, promoting an aura of honesty, professionalism, and accountability that gains the trust and respect of investors."

The National Financial Regulatory Administration, the People's Bank of China, and the CSRC have collaboratively set up the 2024 Financial Education Promotion Month to enhance understanding of financial matters.

Despite formerly flourishing with abundant investment prospects and projects, a flood of lucrative capital, and highly compensated bankers and brokers, China's financial sector is currently experiencing considerable reorganization.