From Beijing’s central government offices to provincial agencies across China, as well as major state-owned enterprises like investment bank China International Capital Corp (CICC), employees have faced substantial pay reductions that have reduced household budgets and fundamentally altered consumer spending patterns.
“I used to earn 6,000 yuan (or US$835) a month but now I only get 5,000 yuan (US$696), and some allowances have been removed too,” Li, an employee at a Beijing-based state-owned enterprise, told RFA. Like many others interviewed for this story, Li wanted to be identified by a single name for safety reasons.
