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Last updated at: (Beijing Time) Monday, August 04, 2003

Central China province pays annual salary to SOE entrepreneurs

Twenty-two executives of 14 pilot state-owned enterprises (SOE) in central China's Hubei Province Sunday received their salary for 2002, ranging from 69,000 yuan (8,313 US dollars) to 600,000 yuan (72,289 US dollars), sources with the local government said.


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Twenty-two executives of 14 pilot state-owned enterprises (SOE) in central China's Hubei Province Sunday received their salary for 2002, ranging from 69,000 yuan (8,313 US dollars) to 600,000 yuan (72,289 US dollars), sources with the local government said.

The average annual salary of the 22 managers was 190,000 yuan (22,892 US dollars), up 43 percent from 133,000 yuan (16,024 US dollars) in 2001.

The province started to introduce the annual salary system for senior executives of SOEs beginning 2001.

According to the new payment system, the salary of managers is changed from the fixed monthly salary to a flexible annual salary determined by their business performance.

"The new system has already achieved our goal of encouraging the SOE entrepreneurs. All pilot enterprises experienced an increase in profits and the income of average workers," said Zhou Jianwei, vice governor of Hubei.

Hubei has already approved 239 pilot SOEs to try the new distribution system this year and will extend it to more SOEs in the future, Zhou said.


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