How Xi’s crackdown turned China’s finance high-flyers into ‘rats’

Chinese authorities have been cracking down on businesses from real estate to technology to finance.

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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.

https://www.bbc.com/news/articles/crl8xee75wgo

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