The following is an excerpt from Lizzi C. Lee's op-ed in the Diplomat. Lizzi is a Fellow on Chinese Economy at the Asia Society Policy Institute's (ASPI) Center for China Analysis (CCA).

In a commencement speech that unexpectedly went viral, Professor Li Feng of the Shanghai Advanced Institute of Finance (SAIF) told graduates that financial workers should not be ashamed of their careers. His words resonated deeply, underscoring a growing sentiment in China: the golden age of high-flying financial careers is fading. The speech’s viral spread highlighted a broader reality — China’s financial industry is undergoing profound changes as the nation shifts its priorities.

At the heart of this transformation is Xi Jinping’s vision for China’s future, which has fundamentally reshaped the country’s economic landscape. Xi’s doctrine of “common prosperity” seeks to foster a more equitable society by reducing the wealth gap and curbing the excesses of the elite. The financial sector, long seen as a symbol of opulence and inequality, has become a prime target of this philosophy.

Xi’s anti-corruption crackdown has been a hallmark of his tenure, aimed at purging the financial industry of its most egregious excesses. High-profile investigations and arrests of financial executives have become routine, signaling the government’s resolve to root out corruption and enforce stricter regulatory oversight. But this crackdown is more than just a fight against corruption; it’s a tool for tightening control over the sector and realigning China’s economic priorities.

Read the full op-ed in the Diplomat.