China's major financial corporations, including China Merchants Group, Everbright Group, and CITIC Group, are facing controversy both domestically and internationally as they demand senior executives return salaries and bonuses exceeding the government-set cap of $400,000 (approximately 5.54 billion KRW).
According to Bloomberg, executives such as those at CITIC Group received 5 million yuan (approximately 940 million KRW) last year but are now required to return any excess payments.
President Xi Jinping has repeatedly criticized high salaries in the financial sector as part of efforts to combat corruption.
The Central Commission for Discipline Inspection of the Communist Party of China has declared a "long-term battle against corruption," emphasizing the need to eliminate hedonism and extravagance among financial elites.
These measures have garnered social support within and outside China, enhancing trust in the government's efforts to combat corruption and malfeasance.
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