Financial watchdogs face pay cut

The planned reorganization of China’s financial regulators could lead to drastic salary cuts for some officials. As the business magazine Caixin reported on Thursday, citing anonymous sources, the salaries of financial supervisors are to be brought into line with those of other civil servants. According to Caixin, the average salary level of some financial supervisors has so far been deliberately higher than that of other ministries and government agencies in an effort to reduce the susceptibility to bribery. The fact that salaries are now being adjusted is an indication that the CP apparently feels confident that it can also prevent corruption through deterrence.