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China PSU honchos’ pay packs way too high, must be cut: President Xi

Turning the focus of his austerity drive on to China’s well-entrenched public sector, President Xi Jinping on Monday said the salaries of executives of major state-owned enterprises (SOEs) were unreasonably high and ‘must be regulated.’

SOEs must make sure their salary is proper and reasonable, said Xi while addressing the central leading group for comprehensive deepening of the reform headed by him.

Their salary management is strict and efficiently supervised, state-run Xinhua news agency reported.
Xi has already launched major anti-corruption and austerity drive in the ruling Communist Party and the army during which several high-level serving and retired officials have faced investigations.

The meeting reviewed a plan for the reform of the payment system for executives of major SOEs directly controlled by the central government.

It was decided that the plan has to be further amended. ‘Unreasonably high and excessive incomes must be regulated,’ the president said.

He asked SOE executives to realise their responsibilities, accept and support the reform. Linking the reform with the Party’s campaign against extravagance and other other undesirable work styles, Xi stressed that apart from necessary expenses certified by financial and fiscal regulations, SOEs executives will enjoy no other perks in the name of ‘entitled consumption.’

Xi also targeted state-run media groups saying China will build several new-type media organisations that are strong, influential and credible.

He called on the nation to integrate traditional and new media to diversify its communication system.
Traditional media and new media must complement each other and their integration should cover content, channels, platforms, operations and management, Xi said.

Integration should be supported by technology and follow the rules of news communication and laws governing the development of new media.

Monday’s meeting was attended by deputy group leaders Li Keqiang, Liu Yunshan and Zhang Gaoli, all of whom are members of the Standing Committee of the Political Bureau of the Communist Party of China Central Committee. The meeting also reviewed reform of the national examination and enrolment system, to enhance the fairness and supervision, and connect all levels and kinds of education.
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