Some cadres receive promotions, whereas others do not. This study explores the Chinese Communist Party’s (CCP) personnel control over the central state-owned enterprise (SOE) leaders from the Hu era to the Xi era. An analysis of the résumés and careers of SOE leaders reveals that the CCP has established a dual-track system to manage enterprises with different functions. This system employs two types of incentives: promotion incentives for leaders of eldest-son enterprises associated with national security, and salary incentives for leaders of other enterprises. Through the dual-track system, the CCP aims to influence the career trajectories of SOE leaders and address conflicts of interest in the principal-agent relationship. This study also investigates the individual characteristics of SOE leaders, including their political qualifications, professional qualifications and ages. The results indicate a tendency towards specialization and institutionalization in central-enterprise leaders, even during the Xi era.
