China's finance officials leaving for private sector

Like the revolving door between Washington and Wall Street, financial professionals in China are ditching their iron rice bowls for better-paying jobs in the private sector, the South China Morning Post reports. Yao Yudong, head of a central bank research institute and one of the authority’s best-known faces, is the latest to head for the exit, moving to Shenzhen-based Dacheng Fund to head research. A few blocks from the central bank in Beijing’s Financial Street, talent has streamed out the door of the China Securities Regulatory Commission since the stock market rout last year and an anti-corruption campaign within the regulatory agency. The personnel changes come as China’s financial industry, especially its asset management segment, is expanding to become one of the best-paying businesses in the world’s second-biggest economy.