In Shanghai, the center of China’s financial industry, Xiao Chen*, a private equity firm employee, says he has had a difficult year.
He claims to have received pay of about 750,000 yuan ($106,200; £81,200) for his first year of employment. Without a doubt, he would reach the million-yuan milestone soon.
After three years, his income has decreased to half of what it was. Last year, his compensation was frozen and his yearly bonus, which had made up a significant portion of his income, disappeared.
He claims that the industry’s “glow” has faded. He used to “feel fancy” from it. He is now just referred to online, along with his peers, as a “finance rat.”
The once-booming Chinese economy, which fueled ambition, is currently weak. The head of state, Xi Jinping, is now cautious about his personal wealth and the problems posed by growing inequality.
Repressions of billionaires and companies in the real estate, technology, and financial sectors have been paired with socialist-style propaganda about putting up with adversity and working toward China’s success. People have even told celebrities to take it easy on the internet.
People are instructed that the personal ambition that had changed Chinese society over the previous few decades is now subordinated to loyalty to the Communist Party and the nation.
