Fancy dinners for Chinese execs may be coming to an end. Pic: AP.

BEIJING (AP) — China’s president has promised to rein in “unreasonably high” pay for executives at government-owned companies in an apparent effort to mollify public frustration at the wealth of state industry.

President Xi Jinping’s announcement, carried by the official Xinhua News Agency, comes as the ruling Communist Party is pressing government officials to cut spending on limousines, banquets and other trappings of office.

(MORE: Are we winning the war against shark fin soup?)

Pay for executives at state-owned companies in industries including oil, banking and telecommunications can be hundreds of times that of the average Chinese.

Xi’s announcement gave no details of changes but said companies must make sure their pay scales are “proper.”

The president was quoted as saying at a Cabinet meeting that “unreasonably high and excessive incomes must be regulated.”

Subscribe to Asian Correspondent

Receive our weekly round-up of the most important stories in Asia

We will never give away, trade or sell your email address. You can unsubscribe at any time.