China’s major financial conglomerates, including China Merchants Group, China Everbright Group, and Citic Group, have directed senior staff to forego deferred bonuses and, in some cases, return past earnings to adhere to a new pre-tax income cap of CNY2.9m (USD399,000), sources told Bloomberg. This directive also affects mutual fund managers, who are pressured to repay non-compliant salaries from previous years. The tighter regulations reflect increased Communist Party oversight, with financial institutions reducing salaries and perks. Citic Securities reported that its top executives earned above CNY3m last year, primarily from deferred bonuses. This adjustment aligns with China’s intensified anti-corruption measures targeting major state banks and financial regulators.