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Before the Third Plenum: Why China cracks down on bankers

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Published: July 9th, 2024,
Last updated: May 28th, 2025

ICBC in Shanghai, one of China’s largest banks.
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Just before the Third Plenum, China’s government has once again sent out a signal that is likely to unsettle the economy. As part of President Xi Jinping’s „common prosperity“ campaign, Beijing apparently wants to cap the salaries of top bankers. As the Hong Kong newspaper South China Morning Post (SCMP) reported, citing sources familiar with the matter, annual salaries in the state-owned financial sector will be limited to around three million yuan (approx. 380,000 euros).

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