Harbin institute of technology, Public university in Harbin, China

Chinese officials are asking the foreign investment banks to share the pay details of senior executives.As per local media, Chinese authorities are enforcing Chinese President Xi Jinping's "common prosperity" agenda, while another reason could be that large international investment banks have employed many princelings for many years to help open the door to the Chinese market for these corporations.On Monday, the media reported that big banks like Credit Suisse Group AG, Goldman Sachs Group Inc, and UBS Group were summoned one after another by Chinese officials and were asked to report details on how they compensate their top bankers.Many princelings of China for many years have helped open the door to the Chinese market for these corporations, such as, Wen Jiabao's daughter Wen Ruchun once served as an executive at Credit Suisse and JPMorgan Chase, and Zhu Rongji's son Zhu Yunlai also worked at Credit Suisse.These are just some of the cases that are under public scrutiny, there can be many more from the Jiang Zemin and Hu Jintao eras when corruption was rampant and give-and-take deals were abundant, the local media added.Books like 'Red Roulette' and many other incidents show the relationship between corporations and officials of the Communist Party of China is common and hence this move can have more to it than what meets the eye.Earlier, the foreign banks were also asked by Chinese authorities to trim the wages of the bank officials. The move comes ahead of the 20th National Congress of CPC to be held in 2022 where President Xi Jinping is all set to secure his third term in power.The Chinese regulators have warned global major investment banks including Credit Suisse, Goldman Sachs, and UBS not to reward their top bankers too lavishly, the country's latest effort to rein in risks and promote "common prosperity," reported The Standard, a Hong Kong publication.Xi has continued to call for the common prosperity of the country's entire population amid the massive crackdown on big tech giants in China.The China Securities Regulatory Commission had summoned executives to discuss bankers' pay, people familiar with the meetings said, characterizing the discussions as a highly unusual, if not unprecedented, regulatory intrusion into foreign banks' personnel decisions.Further, it is also an effort to inject ideological rigor into the new economy after years of explosive growth and exert more control over which industries prosper as part of Chinese President Xi Jinping's economic vision.( With inputs from ANI )Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

Harbin Institute Of TechnologyFOLLOW

Harbin institute of technology, Latest News

A recent study by Prof. YU Wenzheng's team highlighted the risk that high concentrations of disinfection byproducts in tap water can cause bladder cancer and suggested sustainable solutions such as ozone biofiltration and nanofiltration to increase t ...

San Francisco, June 19 Elon Musk has hinted that Tesla may bring back "Enhanced Autopilot" for those interested ... ...

San Francisco, June 18 TikTok has clarified that it is not interested in copying Facebook as it is ... ...

San Francisco, June 18 China-based employees of internet giant According to BuzzFeed News, citing leaked audio from more ... ...

Risen Energy Co, Ltd (Shenzhen: 300118), a leading, Tier 1 manufacturer of high-performance solar photovoltaic products, disclosed today that it has been recognized as a "Top Performer" for the second consecutive year in PV Evolution Lab's (PVEL) 202 ...

Beijing, June 17 China's national observatory on Friday renewed a yellow alert for high temperatures, as heatwaves hit ... ...

San Francisco, June 17 In his first direct call with Twitter employees, Elon Musk briefed them about his ... ...

Chinese officials are asking the foreign investment banks to share the pay details of senior executives. ...