How China's crackdown turned finance high-flyers into ‘rats' [Yahoo! Finance]
BANK OF CHINA UNSP/ADR (BACHY)
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Source: Yahoo! Finance
Xiao Chen*, who works in a private equity firm in China's financial hub, Shanghai, says he is having a rough year. For his first year in the job, he says he was paid almost 750,000 yuan ($106,200; £81,200). He was sure he would soon hit the million-yuan mark. Three years on, he is earning half of what he made back then. His pay was frozen last year, and an annual bonus, which had been a big part of his income, vanished. The “glow” of the industry has worn off, he says. It had once made him “feel fancy”. Now, he is just a “finance rat”, as he and his peers are mockingly called online. China's once-thriving economy, which encouraged aspiration, is now sluggish. The country's leader, Xi Jinping, has become wary of personal wealth and the challenges of widening inequality. Crackdowns on billionaires and businesses, from real estate to technology to finance, have been accompanied by socialist-style messaging on enduring hardship and striving for China's prosperity. Even celebrit
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