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My Take
It’s now okay to not be okay about getting rich in China – but this could become a problem
- China appears to have entered a stage when the pursuit of wealth is seen as something suspicious, not glorious
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Zhou Xin is Tech Editor of the Post, following stints as Political Economy Editor and Deputy China Editor.
After decades of the enthusiastic pursuit of wealth, many are rethinking the long-held notion that “to get rich is glorious” in Chinese society.
This reassessment can be gleaned from China’s high-school graduates. As the country’s 18-year-olds choose their academic destinations this summer, fewer top students are looking to study finance or attend business schools – the typical paths taken to ensure high-salaried jobs in the future. China’s smartest kids are losing interest in becoming bankers or corporate executives.
By contrast, police academies have become a hot destination for these new graduates. Although these institutions require more physical fitness than academic excellence, they are seen as providing a way to stable – if not guaranteed – job prospects.
This change has happened at a time when internet services and finance, the country’s two best-paying industries, are quickly losing their allure. The state has started to put a cap on bankers’ annual packages and even called on them to return part of their compensation over the past few years in line with the government’s “common prosperity” push.
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