Executive pay soars by $59,000 in 5 years

The salary for executives increased by 370,000 yuan ($59,085) in five years, Beijing Times reported Wednesday.

The average annual salary for company executives in 2010 reached 668,000 yuan ($106,668), compared with 291,000 yuan in 2005, according to the 2011 China Salary Development Report issued by the Ministry of Human Resources and Social Security.

The report also showed the average annual salary of employees in urban enterprises has increased by 30,000 yuan ($4,790) in 10 years, from 12,422 yuan in 2002 to 42,452 yuan in 2011.

The report suggested the pay in some industries is growing too high and too fast, which has led to a widening income gap between different social groups and should be restricted.

For example, in 2010, the annual average salary of staffers at Shanghai Pudong Development Bank totaled 357,400 yuan ($57,067), which was 10 times the average income of urban employees.