SHANGHAI : China's securities regulator and central bank cut the budget allocation for employee salaries in 2023, following reforms ordered as part of a broader drive to reduce income disparity.The 2023 budget report for the China Securities Regulatory Commission (CSRC) was released on Friday, while the P
SHANGHAI : China's securities regulator and central bank cut the budget allocation for employee salaries in 2023, following reforms ordered as part of a broader drive to reduce income disparity.
The CSRC's budget for total staff salaries and benefits dropped to 170.3 million yuan , 17 per cent lower than in 2022, according to Reuters calculations based on the CSRC's budget report. Analysts said central bank and CSRC staff had faced possible pay cuts as a result of the reforms to financial regulatory bodies announced in March that had called for their staff's pay to be put on par with public servants. The reforms also envisaged a 5 per cent reduction in staff levels.
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