BEIJING: China’s top leaders decided on Friday to cut salaries and restrict expense accounts and other perks of executives at state-owned enterprises (SOEs), official media reported, as they pursue a crackdown on corruption and extravagance.
The decision was taken at a meeting of top leaders of the ruling Communist Party of China (CPC) and chaired by party General Secretary Xi Jinping, the state-run Xinhua news agency said.
“The Political Bureau of the CPC Central Committee approved plans to reform the system that determines centrally administered SOE executives’ salaries and the size of their expense accounts and other privileges,” Xinhua said.
Citing a Political Bureau statement, Xinhua said that “excessive salaries will be cut to reasonable levels”. Xinhua provided no exact amounts, however, China’s respected Caijing business magazine reported earlier that authorities had started soliciting public opinions on a draft rule to cut SOE executive salaries to around 30 percent.
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