Caixin
Mar 09, 2023 09:06 PM
FINANCE

Officials Face Steep Pay Cuts Under China’s Financial Regulatory Overhaul

When China’s banking, insurance and securities watchdogs were originally set up, the central government decided to pay higher salaries to their officials.
When China’s banking, insurance and securities watchdogs were originally set up, the central government decided to pay higher salaries to their officials.

The planned overhaul of China’s financial regulatory system could result in steep pay cuts for some officials to bring their salaries into line with other public employees, sources with knowledge of the matter told Caixin.

The overall level of pay among officials working at some financial regulatory agencies has always been higher than those in other government ministries and departments in part to deter corruption. But the shake-up announced Tuesday, which will create a new national financial regulatory body, may put an end to the practice and some workers could see their pay cut by more than half, the sources said.

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