REGIONAL> Society
Pay cuts for execs in Shanghai state-owned firms

Updated: 2009-02-02 10:27

Nine state-owned firms in Shanghai have pledged to cut the salaries of top executives by up to 40 percent, the State-owned assets supervision and administration commission of Shanghai said on Saturday.

Also, the Shanghai Electric said it will cut its administration spending by 10 percent this year, while Shanghai Bailian Group said it will cut back on foreign business trips.