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Rumored Pay Raise for CN Civil Servants Expected to Inject US$12-20B into Economy in ST
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Chinese civil servants are set to receive a pay raise ranging from RMB300 to RMB500, with some increases retroactive to last July and considered as a one-time subsidy that aimed to stimulate consumer spending and provide some support for economic growth, according to a Reuters report. This is believed to be the first nationwide public adjustment of civil servant salaries in nearly a decade since 2015. If around 48 million Chinese civil servants benefit from this pay raise, Reuters estimated that it will inject about US$12-20 billion into the economy in the short term. AAStocks Financial News |
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