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Auto makers and petrochemicals fuel SOE gains

GROWING auto and petrochemical industries narrowed profit declines among state-owned enterprises in the first eight months of this year, signaling that the world's third-largest economy is on the road to recovery.

Profits reached 813.5 billion yuan (US$119 billion), down 19.6 percent from a year earlier, compared with a 22.8 percent decline through July and a drop of 27 percent in the first half, the Ministry of Finance said on its Website today.

Profits of petrochemical and automobile companies accelerated, while steel, nonferrous metals, petroleum and machinery sectors narrowed declines in profits, the ministry said.

The SOEs saw their profits gain 4.3 percent last month from July to 127.3 billion yuan, according to Shanghai Daily calculations.

Companies directly controlled by the central government made a combined profit of 603.14 billion yuan in the first eight months, a drop of 13.8 percent from a year earlier.


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