Analysis-White-collar wage cuts in China fuel deflation risks, hurt consumption streetinsider.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from streetinsider.com Daily Mail and Mail on Sunday newspapers.
BEIJING/HONG KONG: Cola Yao earns 40 per cent less than last year promoting credit cards for a Chinese state-owned bank, so she buys fewer clothes, less make-up and has cancelled her child's summer swimming classes. "The cut is severely affecting my life in every aspect," said Yao. The unexpected
Cola Yao earns 40% less than last year promoting credit cards for a Chinese state-owned bank, so she buys fewer clothes, less make-up and has cancelled her child's summer swimming classes. The unexpected austerity comes on the back of China's slowing economy, complicating efforts for Communist Party leaders who pledged this week to boost workers' incomes to revive household consumption, a major policy goal. Financial firms and their regulators have cut salaries and bonuses after China's top graft-busting watchdog vowed to eliminate "Western-style hedonism" in the $57 trillion sector.
Asia markets down on sluggish China recovery albawaba.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from albawaba.com Daily Mail and Mail on Sunday newspapers.