Images of President Xi Jinping at the Securities Regulatory Commission building in Beijing on July 9, 2021. TINGSHU WANG / REUTERS At the graduation ceremony on July 6, Vice Dean Li Feng delivered a strange message to his finance students leaving Jiaotong University in Shanghai, China. “Don’t be ashamed,” the professor in a red and gold academic gown and cap told them. Once a royal road to success, finance is the target of one of these major campaigns to bring things back into line, characteristic of the Chinese Communist Party (CCP). Senior bank executives under investigation, salary cuts, calls to renounce ostentatious spending and official speeches vehemently denouncing the sector: Beijing is forcing bankers to keep pace with “common prosperity”. This slogan, adopted by President Xi Jinping during a speech in August 2021, has become a leitmotif. At a time when the economic slowdown could fuel social discontent, it is today synonymous with the fight against inequalities. Read also | Article reserved for our subscribers “Common prosperity”, Xi Jinping’s new mantra for China Read later Result: dozens of managers in the big banks, all majority-owned by the state, as well as in investment banks and brokerage houses, were arrested as part of investigations by the CCP’s all-powerful Central Commission for Discipline Inspection. On November 26, Liu Liange, a former president of the Bank of China, one of the country’s four main banking establishments, was sentenced to a suspended death sentence, a sentence which could be commuted to life imprisonment after two years. of good behavior in detention. He is accused of having received the equivalent of 15 million euros in bribes, in exchange for granting loans amounting to more than 400 million euros. You have 71.35% of this article left to read. The rest is reserved for subscribers.
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