Can we please stop calling China a communist state now?

The million-dollar bonus has arrived in China’s financial services industry as local firms, buoyed by the spectacular boom in the country’s markets, compete to hire from the small pool of experienced staff. [...]

Although a small group of well-known dealmakers has been paid large compensation packages over the past decade, the seven-figure bonus is relatively new for most of China’s financial sector.

The fund management industry has seen an explosion in assets under management from $40bn in 2005 to around $450bn by the end of 2007, the result of rising share prices and massive inflows of retail money.