Executives at China’s publicly traded companies had a bumper year in 2016, with the average annual salary among the highest-paid C-suite managers crossing the million yuan mark for the first time, according to a Deloitte survey of 3,100 companies on the Shanghai and Shenzhen exchanges. The average 2016 remuneration of the highest-paid executives rose 9% to 1.02 million yuan (US$146,300) per annum among China’s publicly traded companies. Up to 80% of industries surveyed reported increments for senior management, led by the hospitality and catering industries, with 37% in compound annual raises over three years. The bigger pay packets reflect the overall shortage of talent and experience among China’s executive ranks, as the labor market failed to keep pace with the country’s economic growth and development, according to the South China Morning Post. It also indicate a buildup of latent pressure from an instruction three years ago by Chinese president Xi Jinping to cap executive salaries at state-owned enterprises.