Date
18 November 2017
Xi Jinping says pay and perks of top executives at state enterprises must be 'reasonable'. Photo: Bloomberg
Xi Jinping says pay and perks of top executives at state enterprises must be 'reasonable'. Photo: Bloomberg

Xi calls for curbs on executive pay at state firms

President Xi Jinping has called for curbs on the salaries and perks that top executives at Chinese state-owned enterprises (SOEs) enjoy, state media reported Monday.

At a meeting of the central leading group that oversees economic reforms, Xi said SOEs must make sure that their salary levels are proper and reasonable, according to Xinhua news agency.

“Unreasonably high and excessive incomes must be regulated,” the president was quoted as saying.

The meeting reviewed a plan for the reform of the remuneration system for executives of major SOEs directly controlled by the central government, the report said.

SOE executives must realize their responsibilities and accept and support the reform, Xi said.

Linking the reform with the Communist Party’s campaign against extravagance and other and other undesirable work styles, Xi stressed that apart from necessary expenses certified by financial and fiscal regulations, SOE executives will enjoy no other perks in the name of “entitled consumption.”

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RC

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