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    People cross a road after work in the financial district of Pudong in Shanghai, China, March 15, 2016

    Chinese Asceticism? Media Reveals Low Salaries of Major State Company Managers

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    The average salary of the heads of China's state-owned enterprises amounts to about 600,000 yuan per year, or just $86,000 US, according to business newspaper Meyzhi Jinji sinven.

    According to the newspaper, this information was publicized recently by the State-owned Assets Supervision and Administration Commission of the State Council, a special commission created in the 2000s which is responsible for managing the country's considerable state-owned enterprises.

    One of the two highest-paid executives among state-company officials was Li Jianhong, the chairman of China Merchants Group, a Hong Kong-headquartered conglomerate which manages over $900 billion in assets. Li was reported to have earned just 1.2 million yuan (about $173,000 US) before taxes in 2016.

    Meyzhi Jinji sinven noted that the average income level among state company managers averages between 500,000 and 700,000 yuan ($71,850-$100,500).  There are 40 top executives with salaries of over 800,000 yuan, and 15 with incomes of over 1 million yuan. At the same time, there are even reported to be managers with incomes as low as 40,000 yuan (about $5,750). It is unclear whether the salaries include extras such as stock options, benefits or bonuses.

    For comparison, the chairman of the board of the private Shenzhen-based building materials company Fangda Group, Jian Xiong, was reported to have earned 20.2 million yuan (about $2.9 million US).

    Average yearly income in China reached 62,000 yen, or about $8,900, in 2015.

    China's State-owned Assets Supervision and Administration Commission oversees more than one hundred companies. These companies include China's National Nuclear Corporation (responsible for all aspects of the country's civilian and military nuclear programs), as well as major aerospace, shipbuilding, rail, electronics, petrochemical, electrical power, telecommunications, construction, pharmaceuticals, and other industries.

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    managers, state-owned companies, salaries, China's State Council, China
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