Li Xiaolin, chairman of China Power Investment Corporation, said that her company will endeavor to make the most of the talents of every member of its workforce, adding that human resource is the lifeblood of the company's future development.

The pledge came as a response to the top political advisor Jia Qinglin who urged bosses to keep workers on their payroll at the second session of 11th National Committee of Chinese People's Political Consultative Conference (CPPCC), an annual session that began in March.

Ms. Li, who is the daughter of the former premier Li Peng, said the company's profits were eroded by a slowing economy as electricity consumption slumped through the second half of last year. Electricity consumption is considered as a bellwether for the economy.

"We are currently forecasting a downward trend in electricity consumption. But we need to take the overall economic situation into consideration, to form a complete picture," she said.

Asked whether the company will cut executive salaries, she responded: "Executive pay depends on whether performance targets are achieved. But one thing is for sure – pay for this year will be less than last year."

In a discussion on the sidelines of the formal session, Li Xiaolin revealed that in the first half of this year the company will incorporate a hydropower project into its Hong Kong subsidiary – China Power International Development, a company listed on the Hong Kong Stock Exchange. But she refused to reveal the size of capital injection and other details.

She also said the company has not reached a deal with the mainland's coal suppliers on prices.

"I think a cut of 5 to 10 percent on last year's price is reasonable," she said.

By the end of last year, China's five largest power producers and coal suppliers had failed to reach a deal, with price being the issue that separated the parties. The former is demanding a cut of 50 yuan per ton against the base 2007 price, while suppliers are insisting on a price increase.

(China.org.cn March 4, 2009)