Massive Bank Strike in Shanghai! Chinese Banks Run Out of Money! Investors Divest Bank Shares

In an unprecedented event, the Chinese banking sector is witnessing a sweeping wave of industrial action, the epicentre of which is Shanghai, China's financial powerhouse. On May 11, the headquarters of the Shanghai Pudong Development Bank (SPDB), a banking giant ranked ninth nationwide, turned into an amphitheatre of dissent, teeming with striking staff.
Recent annual reports and industry data, released by listed securities firms in China, reflect a sobering reality of substantial dwindling in average employee remuneration. This starkly contradicts the narrative spun by the China’s Bureau of Statistics, which claimed the financial industry boasted the highest wage growth in 2022. Amidst this tumult, billionaire magnate Li Ka-shing made waves by announcing his divestment from mainland China's banking equity.
The catalyst for this upheaval appears to be SPDB's drastic wage reduction, igniting a powder keg of employee dissatisfaction and culminating in the strike. The disgruntled workforce alleges that their former monthly salaries of 20,000 yuan have been decimated to a mere 6,000 yuan.
#chinabanks #chinaeconomy #likaishing #chinaobserver
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[anjagabriel]

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[popcorn]

Who would have thought common prosperity actually means common poverty?

[tondalayakapoofnick]

World's smallest violin playing for China. Zero fooks given.

[rhuephus]

since China has a habit of lying about what's really going on, I would take everything coming out of China with a boatload of salt

[sprague]

I'm constantly amazed by the unique and dexterous ways Chinese count money.

[Jason-sfvx]

Banks in China don't display outstanding performance, in fact thier proformance can be considered medicore therefore remuneration is consider too high

[stlouisix]

Jack Ma was right about the banking sector and now Li Ka-Shing's decision to divest from his mainland Chinese business operations, specifically his Chinese banking equity, will put Li Ka-Shing on the right side of investment history because China is becoming too difficult to make money in across many industries. I respect the Shrewd, frugal decision by Li Ka-Shing and blimming bold stance of Jack Ma in the face of the CCP's communism. Brilliant, up-to-date reporting!!!

[edwardharley]

What does Li know??/ Financial greats always have inside information....

[matthewbriggs]

Turns out if you freeze the economy for multiple years, business collapses and people don't pay off their growth-fueling debt. Time to ship the bankers to the rice paddies to teach the students how to inflate production figures on their books.

[tsai]

Maybe China should stick with communism and not try to dabble with their interpretation of capitalism.

[redrust]

Successful Communist banking… oxymoron!

[eddieleong]

China is totally managed by the Central Government. Mortgage defaults if massive will not lead to people being kicked out of their homes. Rather they will be allowed to stay but their total income will be regulated by the government and they are given just enough money for food and necessities. Gone will be the holiday trips, the cars, tuition for children, eating at expensive restaurants, etc. I expect centrally managed measures to prevent a national collapse.

[neilcalonia]

This is another proof of the CCP ingenuity...😂😂😂

[jashall]

Wow! what a great narrative how did you slip by to say so much at a great cadence. Thank you. Had me engaged from the get go. Don't get funny with a rich mans money that is what I have been told. Just watch him and his money so one day you will learn why you don't get funny with a rich mans money.

[SeeTheWholeTruth]

LOL... Im sorry.. are we supposed to feel bad for the wealthy money scrappers having to take a step down to the masses higher level of income?

[kidiyoormadhukar]

Karats, yechuries, in India communist labour unions always ask for higher wages even in case where the employer can not afford it. But in your workers paradize, China a bank is reducing wages up to 50 %. ha ha ha

[wyz]

"China will collapse very soon!"has been main message the western media delivered over past 30 years, and I waited and waited, and have been waiting for 30 years, but it is still there and keep developing! I was very disappointed. A few months ago, a YouTuber predicted China would collapse in a few months, I was very excited, but a few months well, i definitely will not give up, I will keep waiting! So please keeping telling me China will collapse, will collapse, that sooth me or I will go crazy!

[TrappedQue]

I cannot give this video a like. This lady’s voice puts me to sleep.

[KurdtMk]

Oh no, the highly paid bank employees are paid less oh no what will we do... anyway -

[anonimuse]

The Yuan is becoming worthless.
Many will or are becoming desperate, So very sad.
May we remember, no matter your nationality, We are all family. I wish for the Chinese citizens to find a way to overcome the corruption of there lying and heartless government.