China targets high salaries at State firms
Updated: 2014-08-20 11:23
(Xinhua)
|
|||||||||||
BEIJING - China on Monday reviewed a plan to reform the payment system for executives at State firms under direct central government control, the latest step by the government to reform the controversial income distribution system.
At a meeting of the Central Leading Group for Comprehensively Deepening Reforms, President Xi Jinping said unreasonably high incomes at State-owned enterprises (SOEs) will be adjusted.
|
|
Kuang Xianming, director of the Research Center for Economy at the China Institute for Reform and Development, said the plan indicates reform has moved into a critical period affecting the country's vested interests.
China has thousands of SOEs, 113 of which are directly administered by the country's central authority. These enterprises are considered the backbone of the economy, but their inefficiency, monopolies in many areas, unchecked spending and corruption have long been a source of public complaints.
Statistics showed the average annual salary of executives at centrally administered SOEs ranged from 650,000 ($105,691) to 700,000 yuan in 2010 and 2011. Considering that some SOEs prosper on state support, these salaries were unreasonably higher than those of government civil servants.
In addition to the much-envied high salaries, what has most irritated the public has been the so-called "invisible income," such as transportation and communication allowances and other material benefits that SOE officials enjoy.
"This has directly widened the income distribution gap in China," noted Kuang.
Linking income distribution reform with the Party's campaign against extravagance and other undesirable work styles, Xi on Monday stressed that apart from necessary allowed expenses, SOE executives will not enjoy personal perks.
Related Stories
Supervise SOE heads 2014-08-20 07:11
China to cut hefty salaries of SOEs executives 2014-08-19 08:57
Net profits of China's SOEs up 4.4% 2014-07-29 09:26
China regulates pay and bonuses at SOEs 2014-08-19 09:07
Senior Chinese official urges SOE reforms, innovation 2014-05-29 20:44
Li encourages private capital to participate in State-owned joint ventures 2014-03-06 07:18
Today's Top News
Telegram good gesture from Pope to China
Japanese firms face $200m fine
Ice Bucket Challenge hits China
Gaza ceasefire talks collapsed
Heinz recalls four batches of infant food in China
WHO says Ebola has killed more than 1,200
Japan looking to buy more stealth fighters
2 Air Force jets collide in Italy, 4 airmen missing
Hot Topics
Lunar probe , China growth forecasts, Emission rules get tougher, China seen through 'colored lens', International board,
Editor's Picks
Rebuilding lives |
Horrific nightmare at Kunshan factory |
Shaolin: Fists of fame |
Reading into an online age |
China helps fight international war on drugs |
Crackdown on terrorist attacks |