It’s 1 a.m. and Thomas Wu is riding his bike on the empty streets of Shanghai. The 43-year-old insurance executive has had another meltdown.
Wu’s pay has been slashed by 20% in a nationwide push to lower salaries at state-owned finance companies. He frets about layoffs and wonders how he’ll find 600,000 yuan ($84,500) to keep his two children in international school — a hallmark of upper-middle-class life in China. His six-year-old is behind in math.
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