Key facts
- China's anti-corruption campaigns are reportedly leading to a "brain drain" of top financial executives.
- Executives fear jail if they fall foul of authorities.
- Many skilled returnees are disillusioned by low pay and lack of promotion in public service.
- Fang Xinghai, former vice-chairman of the China Securities Regulatory Commission, is under investigation for alleged violations.
China's ongoing anti-corruption campaigns are reportedly causing a significant outflow of top financial talent, a phenomenon described as a "brain drain." Executives, particularly those with international experience, are increasingly wary of falling afoul of the authorities, fearing potential jail time. This concern is exacerbated by disillusionment with public sector compensation and career advancement opportunities.
One former official at the China Securities Regulatory Commission (CSRC) described how a group of 20 high-profile returnees, known as "sea turtles," were appealed to make "sacrifices for the motherland" by giving up high-paying jobs overseas. However, their idealism reportedly turned to cynicism due to pay being a fraction of private sector earnings and a perceived lack of value from the CSRC. Several years passed without promotions for some, and some did not even secure concrete positions.