China’s Financial Elite Face $400,000 Pay Caps, Bonus Clawbacks (www.bloomberg.com)

submitted 4 months ago by nekandro@lemmy.ml to c/worldnews@lemmy.ml

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[-] nekandro@lemmy.ml 18 points 4 months ago

Does anybody actually dislike this result?

[-] Guntrigger@lemmy.blahaj.zone 14 points 4 months ago

Billionaire CEOs. Imagine if Elon had to comply because Tesla has a factory in China.

[-] Reddfugee42@lemmy.world 11 points 4 months ago

I just came

[-] CyberMonkey404@lemmy.ml 14 points 4 months ago

I do, but only because said "financial elite" exists to begin with

[-] VelvetStorm@lemmy.world -5 points 4 months ago

[removed by mod]

[-] rando895@lemmygrad.ml 6 points 4 months ago

Do you have a source for this suspicion?

Currently China is almost completely responsible for raising people out of poverty on a global scale. This suggests that, if the CPC is funneling money into the accounts of government officials, it's mostly being used to build wealth for the people.

Besides, if the CPC has the power to limit the salaries of the wealthy, why bother jumping through hoops to raise your personal wealth when you could just raise your salary, or use a priori knowledge of the stock markets and accept "lobbying " money to raise your level of wealth like American politicians?

[-] CyberMonkey404@lemmy.ml 3 points 4 months ago

Why did you put taxes in quotation?

[-] VelvetStorm@lemmy.world -4 points 4 months ago

Because the local governments are just going to be embezzling it at the end of the day.

[-] HobbitFoot@thelemmy.club 2 points 4 months ago

The Chinese national government has a surplus, but the local and provincial governments are running massive deficits and have been for a while. I wouldn't be surprised if a lot of these actions are to free up cash for the necessary wealth transfer to keep the popping of the property bubble from becoming too catastrophic to the retiring population.