By Marcel Kasumovioch, Deputy CIO of One River Asset Management
“We need to establish a strong benchmark for selecting and employing people, conscientiously implement the ‘three exemptions,’ and support those who take responsibility and get things done.” This statement from the extraordinary Politburo meeting left no doubt about the leadership’s intentions.
Those who demonstrate “the courage to take responsibility and innovate,” in Xi’s words, will be rewarded, with exemptions, a “responsibility and punishment” waiver for those acting on policy guidance. The thousands of financial executives who exited their positions and the Party since August serve as a reminder to those who resist.
