China’s Top Securities Regulator Slashes Employee Benefits Amid Belt Tightening

China’s top securities regulator has slashed some employee benefits amid an overall budget cut for 2023, as the agency heeds the central government’s call to tighten its belt, its budget reports show.

The amount the China Securities Regulatory Commission (CSRC) budgeted for salaries and benefits payments in 2023 totaled 170.3 million yuan ($24.5 million), a 17.2% plunge compared with last year, according to its budget report published on Friday. The overall 2023 budget of the CSRC dropped 3.6% year-on-year to 744.7 million yuan, the report shows.