Bank
of China, one of China's four major state-owned banks, has
scrapped cadre ranks as part of a major transformation in how its
employees are rewarded and promoted.
Bank spokesman Wang Zhaowen says the reform will replace the
appointment system and give their 170 thousand employees an equal
opportunity to compete for high positions.
Since Bank of China became the Bank of China Limited this
August, human resource reforms have been implemented and staff are
now able to compete for positions in five departments of its head
office.
The reform in the head office is expected to be completed by the
end of this year or early next year. And?reform in branches
will be first made in branches in Jiangsu
and Sichuan
provinces.
(CRI.com October 20, 2004)