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China

Slashing Executive Salaries At Chinese Public Companies

For China's State-Owned Enterprises, new reforms are aimed at linking senior management pay to the company's performance.

Passing time in Beijing's Tiananmen Square
Passing time in Beijing's Tiananmen Square
Feng Qingyan, Zhang Nan and Ke Guan

BEIJING — Over the past several months, China's central government has implemented substantial salary cuts for the executives of state-owned enterprises (SOEs). The moves are part of an overall effort to revamp the SOE pay system so as to make salaries more dependent on company profits and efficiency.

The first round of salary cuts involved senior managers of 72 centrally-owned corporations, including PetroChina and State Grid, energy giants long criticized for gaining high profits through their monopoly positions. Total wages among their senior executives have been reduced by approximately 15%, one anonymous source at PetroChina told the Economic Observer.

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