China Finance Minister Imposes Executive Pay Cap

The debate about capping executive pay moves to China.

The Ministry announced yesterday that executives' pretax pay of 2008 should be "no more than 90% of the previous year's level"; for those firms whose performance declined during 2008, their executives should expect a big pay cut of 20%."

A sign of changing economic times? China following America's lead? Or America following China's lead before China had a chance to do it?