China is one of the favourite destinations for veteran players to see out the final days of their playing career whilst making a good amount of money as well. However, that will soon no longer be the case with the latest reports coming out of the country.
At the end of the ongoing season, foreign player salaries are to be capped at €3 million (£2.7m) per year, and domestic players at 5 million yuan (£572,000) per year before tax.
With the tax fees taken away from the final figure, players who earn a massive wage will either have to settle for the capped amount or move on. Former Chelsea midfielder Oscar, Hulk and Cedric Bakambu are among the players who have prematurely joined the Chinese League in an attempt to make the most of their playing career financially.
While there are a few speculated reasons as to why the salary cap was introduced, one of the most logical explanations is that of the finances being impacted heavily by the coronavirus pandemic.
With no spectators, clubs all across the globe are under severe financial pressure, and the clubs in China are no exception.
The move will no doubt be met with mixed reactions from all over the world. Some would say that Chinese, and in turn, Asian football will finally grow homegrown talent with the influx of foreigners now discouraged by the financial side of things.
However, another argument that goes against the decision will be the decline in standards and quality of football being played in China. The monetary side of things was one of the greatest charms of coming to the country, and with that gone, the sport is pretty sure to undergo a low phase in the coming years.
