China’s Most International Brokerage Follows Xi’s ‘Common Prosperity’ Drive
- CICC last year banned business class to support equality push
- Firm cuts hotel budgets; bankers book ‘hard seats’ on trains
This article is for subscribers only.
China International Capital Corp. has scaled back travel perks for senior bankers to bring the nation’s most international brokerage in line with Xi Jinping’s “common prosperity” drive, according to an internal document seen by Bloomberg News.
The first global joint-venture investment bank in China no longer allows managing and executive directors to fly business class on international and domestic routes, and requires them to book the cheapest seats on most trains. Hotel accommodation, including taxes and breakfast, has been cut by as much as 38% to 850 yuan ($123) per day in first-tier cities, according to the document issued in the middle of last year.