As the Chinese authorities intensify social control and a sense of equilibrium in the economy,
China's rich class is placed in a more and more dangerous situation.
At Rockefeller Capital Management L.P., a foreign-owned asset management company,
Lucile Sharma, who is in charge of the company,
went to the Financial Times in the UK on September 23.
Under the joint policy of the rich class, Sharma said,
In China, the management of the rich class has been strengthened,
and it is now a great risk to be rich.
Sharma cited the example of Huanzhong,
the founder of Pinduoduo, China's online shopping kingdom.
In August this year, Huanzhong was ranked No. 1 in the list of China's rich class,
but soon after that, Pinduoduo announced its pessimistic stock prediction.
The next day, the share price of the company plummeted,
and Huanzhong's personal assets decreased by $ 1.4 billion.
Next, the founder of Nongfu Spring,
also announced that the company will not invest in negative stocks in the next 24 hours,
so his personal assets decreased and fell from the position of the billionaire.
About this strange phenomenon,
net users are afraid that the top of a large company will be targeted by the government
and are deliberately lowering the share price of their own company.
Since 2012, China's economy has shown a certain reflection in the global economy,
and about 240 billionaires have been born.
The pioneers were the founders of technology companies,
including Jack Marsh, the founder of Alibaba.
However, in 2020,
we can see that the cloud snow has become suspicious from the performance of Jack Marsh.
Jack Marsh warned that there is a possibility that China's Communist Party
will stop questioning the direction of governance and that extreme regulations
will hinder technological innovation.
He also criticized that China's banking industry
can only think at the level of seven nights a day.
After that, Jack Marsh was sanctioned by the Chinese Communist Party,
and Alibaba's stock price plummeted.
Jack Marsh fell from the unpopular ranking
and disappeared from the spotlight.
In 2021, Xi Jinping, in order to reduce the gap between rich and poor,
launched a political movement called the Co-Poverty Movement.
However, as a result of the Co-Poverty Movement,
the poor did not become rich,
but on the contrary, the rich became poor.
Since the Co-Poverty Movement was promoted,
many capitalists and financial investors have been investigated by the authorities.
In addition, investors tend to take the easy route,
and they tend to support industries such as investment banks,
and the Chinese stock market is also following the easy route.
In the past three years, China's individual assets have decreased significantly,
and the number of billionaires has decreased by 35%.
On the other hand, the number of rich people leaving China has increased sharply,
and last year the number reached 15,000.
The remaining super-rich people in Japan
are living carefully so as not to be noticed by the authorities.
In the United States,
billionaires are leading their own space projects.
In India, billionaires are holding
a luxurious wedding for their children worth billions of dollars.
However, in China,
billionaires are desperately trying to throw away
the title from the society of the Great Poverty.
In the past, the financial industry, which was a big name for the luxury bird,
is now dominated by the so-called co-prosperity.
According to Bloomberg,
many people working in the Chinese financial industry
are beginning to realize that their wealth is being taken away under the name of co-prosperity.
The gorgeous lifestyle of the financial industry
is the source of evacuation from the authorities,
and many people are leaving the industry
due to the rising wages.
According to a report by Voice of America,
have not yet been provided with a bonus for this spring.
When business is good,
a bonus is usually provided at the end of the year in April,
but this year it is not provided even in August.
According to the calculation,
they are losing 10 to 20% of their annual income,
and many people think that
it is due to the co-prosperity movement started by Xi Jinping.
The dissatisfaction of the Chinese people
with the co-prosperity movement that has been going on for three years has increased.
According to Wu Fei,
an investment advisor at the Guangzhou Stock Exchange,
after the lockdown was lifted due to the novel coronavirus,
she experienced a large-scale salary double,
and the annual income decreased from 400,000 yen to 300,000 yen.
Wu Fei said,
the bonus at the end of the year was 15% of my income,
but now it is gone.
I feel that the quality of life has dropped significantly.
Wu Fei pointed out that
the strict financial regulation by the authorities
is the main cause of the reduction in the salary of the industry.
Is the top of the country mistaken?
Wu Fei said that
if one person takes care of the diet,
hundreds of millions of dollars will come out.
And even if the salary reduction of the financial industry is carried out,
it should focus on the top of the company,
so why do you pay attention to ordinary workers like us?
According to reports by China's economic media,
China Economic Observation Network,
in the second half of 2024,
there were only a few securities companies
Among the major securities companies,
such as Chushin Securities, Chukinkoshi,
Chushinkento Securities, and Katai Securities,
Chukinkoshi was the only one that provided annual bonus at the end of May.
Not only the bonus cut,
but also the influence on ordinary salary has spread.
According to reports by the economic media,
in the first half of 2024,
the salary level of Chinese securities companies
is following the decline in 2023.
In the securities sector,
the salary of 57 companies from January to March
has decreased by about 13% in the same period the previous year.
By reducing the salary of the high-earning class,
the movement to realize co-operation
has become more and more difficult.
According to a report by Taiwan University of Technology,
Dr. Lai Longwei, a law professor,
has pointed out that co-operation
is becoming more and more similar to poverty.
The reduction in salary is an act
of abducting the rich class
and is a kind of capitalist abduction.
In addition, Taiwan's think tank,
Wang Guocheng,
of the China Economic Research Institute No. 1,
has pointed out the same view.
Wang Guocheng said that
co-operation means
not reducing the salary of the high-earning class
just by raising the salary of the low-earning class.
However, reducing the salary of the high-earning class
to match the low-earning class
is actually co-operative poverty.
Therefore, he said that
the purpose of reducing the salary of the financial industry
is not to realize co-operative poverty.
In promoting the co-operative poverty policy,
the only measure taken by the Chinese authorities
to raise the income of the low-earning class
was to raise the basic pension of the elderly by 20 yen a month.
On the other hand,
Tsai I-shen, a self-proclaimed critic,
criticized the Chinese authorities for being very stingy.
According to Tsai I-shen,
1.7 million people in China
receive a basic pension of 100 yen.
On the other hand,
the security maintenance fee used for suppression of demonstrations
and speech control exceeds 1 trillion yen every year,
and the military expense exceeds 1.6 trillion yen.
1.7 million elderly people
but only 20 yen is paid.
This is not an insult to co-operative poverty.
Thank you for watching.