The chairman of China’s second-largest bank has lauded a 90 per cent pay cut for him and his colleagues as “extremely correct”, seeking to downplay tension over unleashing market forces at state-owned behemoths and addressing public anger over excessive pay and privilege.
“Among the four of us on this stage, three have already taken pay cuts,” Wang Hongzhang, China Construction Bank executive chairman, said late on Monday when presenting the bank’s annual earnings.
“Cutting salaries was an extremely correct decision by central authorities and is a good policy to solve the problem of fair pay for leadership cadres,” he added.
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