Wage of Sinopec boss is just over RMB 800,000 annually, Yu Xuzhi replied

Wage of Sinopec boss is just over RMB 800,000 annually, Yu Xuzhi replied

NPC, lawyer Zhu Lieyu questioned state owned enterprises that: “Some of them offer college graduates RMB 200 to 300 thousand a year in term of salary, the middle-level management RMB 600 to 700 thousand annually, nor to mention the higher management and executives”, he suggested that the salary level in the monopolystate owned enterprises is generally higher than the average level of society.

NPC deputy and general manager of Sinopec Maoming Petrochemical Company, Yu Xuzhi replied that: “we receive the lowest salary among the state owned enterprises, we are China’s largest and the world’s fifth largest company, and the wage of Sinopec boss is just over RMB 800 thousand.”  he explained that oil industry is widely recognized as high-income industry in the society, but such understanding is caused by asymmetric information.

Actually general manager of Sinopec Maoming Petrochemical Company made a very good explanation that  asymmetric information is the root reason behind the social doubt of the salary of the executives in the state owned companies like Sinopec, maybe their salary infomation could be made known to the public with easy access for better understanding of each other.

Leave a Reply