Xi Jinping calls for tighter regulation of SOE spending

President Xi Jinping called for the government to more tightly regulate executive salaries at state-owned enterprises and to make adjustment for “unreasonably high” compensation, The Wall Street Journal reported, citing Xinhua on Monday. Xi also called on SOEs to rein in other compensation such as spending on cars and accommodation. Beijing has been cracking down on state extravagance for over a year as part of an anticorruption campaign carried out under Xi. Communist Party leaders have acknowledged that perceptions of corruption threaten their grip on power.