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)
