China’s new rules for finance pull the brakes on gravy train, bringing ‘greed is good’ era to a halt
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China's financial sector is undergoing profound changes as new regulations challenge the capitalist principle of profit-seeking first. President Xi Jinping's goal to make China a 'financial superpower' has led to a shift in priorities, with banks being instructed to serve national strategies and tailor services to businesses and sectors they would have snubbed in the past. Pay cuts and lower incomes have replaced the lavish lifestyles once enjoyed by bankers. The government has outlined specific areas that banks must focus on, including science and technology, the green economy, inclusive finance, care for the elderly, and the digital economy. However, some analysts warn that Beijing's top-down approach may stifle competition and kill incentives in the financial sector.
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