Beijing • China's president has promised to rein in "unreasonably high" pay for executives at state companies in an apparent effort to mollify public frustration at the wealth of government-owned industry.
President Xi Jinping's announcement, carried by the official Xinhua News Agency, comes as the ruling Communist Party is pressing government officials to cut spending on limousines, banquets and other trappings of office.
The wealth and privileges of state companies in industries including oil, banking and telecommunications that benefit from monopolies, low-cost credit and other support have fueled public frustration.
Pay for executives, who are appointed by the ruling party, can be hundreds of times that of the average Chinese. Chief executives of banks and other companies are paid about 2 million yuan ($300,000) per year.