The regroupment of State-run companies is making steady progress. By the end of this year the number of SOEs will be reduced further by 26. That's according to the deputy director of State-owned Assets Supervision and Administration Commission, Shao Ning at the Bo'ao Forum.He also says arguments about enterprises' top management's huge salaries are a misunderstanding.

Shao Ning, Deputy Director, SASAC, said, "The average annual salary of chief executives is around 580 thousand yuan. I don't think it's high. It is a misunderstanding that they get paid sky-high amounts because we have restrictions on it. However, if the salary is not competitive for the job, then the company is hopeless. It also involves the paycheck structure. We provide salaries and bonuses. A few listed companies give stock options."

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