Some Chinese firms cut executive pay

Bosses at 18 Chinese state firms had major pay cuts last year after the central government overhauled salary schemes for top SOE executives, says a government report. The South China Morning Post reported that China started tightening up on executive pay at state-owned enterprises in January last year amid public discontent over some SOE officials’ compensation. Among the firms that slashed executive compensation are both of China’s state-owned oil companies, and the four largest state-owned banks. But despite the hefty cuts, the average salary of the 48 firms’ top executives in the public report rose by 10%, from RMB970,000 in 2014 to RMB1,070,000 last year.