BEIJING – Bankers in China are being told to rectify their mindsets, clean up their “hedonistic” lifestyles and stop copying Western ways. Read more at straitstimes.com.
BEIJING – Bankers in China are being told to rectify their mindsets, clean up their “hedonistic” lifestyles and stop copying Western ways.
This is a critical moment for Mr Xi as he seeks to reign in risks in the $60 trillion financial sector – imposing stricter controls on capital outflow, controlling debt levels and ruling out risky practices – while he tries to restore growth and manage the economic fallout of spiralling ties with the US.
The commission is set to be headed by Mr Ding Xuexiang, Xi’s chief of staff, one of the people said. Mr He Lifeng, who is expected to become China’s new vice premier, is also being considered for the role of party secretary at the People’s Bank of China, according to the Wall Street Journal. The rip-roaring rally on China’s reopening has stalled with key benchmarks in Hong Kong falling as much as 15 per cent since in January. China’s technology stocks have lost up to a combined $263 billion in market value in the same time.
Keeping a tight lid on capital outflows also remains a priority for authorities trying to prevent China’s wealth leaving the country as they get the economy back on its feet. Clean up efforts will proceed as China develops its pension fund system and seeks to draw more liquidity into its markets, according to Mr William Ma, Grow Investment Group’s chief investment officer.
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