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Massive Bank Strike in Shanghai! Chinese Banks Run Out of Money! Investors Divest Bank Shares

In an unprecedented event, the Chinese banking sector is witnessing a sweeping wave of industrial action, the epicentre of which is Shanghai, China's financial powerhouse. On May 11, the headquarters of the Shanghai Pudong Development Bank (SPDB), a banking giant ranked ninth nationwide, turned into an amphitheatre of dissent, teeming with striking staff.
Recent annual reports and industry data, released by listed securities firms in China, reflect a sobering reality of substantial dwindling in average employee remuneration. This starkly contradicts the narrative spun by the China’s Bureau of Statistics, which claimed the financial industry boasted the highest wage growth in 2022. Amidst this tumult, billionaire magnate Li Ka-shing made waves by announcing his divestment from mainland China's banking equity.
The catalyst for this upheaval appears to be SPDB's drastic wage reduction, igniting a powder keg of employee dissatisfaction and culminating in the strike. The disgruntled workforce alleges that their former monthly salaries of 20,000 yuan have been decimated to a mere 6,000 yuan.
#chinabanks #chinaeconomy #likaishing #chinaobserver
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Видео Massive Bank Strike in Shanghai! Chinese Banks Run Out of Money! Investors Divest Bank Shares канала China Observer
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16 мая 2023 г. 1:30:07
00:14:19
China Observer
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