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Central SOEs may record increase in profit
Source: Xinhua/Shanghai Daily |
December 25, 2012, Tuesday
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Print Edition
Print Edition
PROFITS at China's central government-controlled state-owned enterprises may grow this year despite a global economic slowdown.
The 100-plus companies earned a combined profit of 1.1 trillion yuan (US$175 billion) in the first 11 months of this year, nearly flat from a year earlier, Wang Yong, director of the State-owned Assets Supervision and Administration Commission, the regulator of the SOEs, said yesterday.
Sales rose 8.9 percent to 20.1 trillion yuan in the period.
SOEs' total assets had reached 31.2 trillion yuan by November, up 11.5 percent year on year, according to the SASAC.
Profits at the central SOEs, with interests from defense and petroleum to telecommunications and civil aviation, fell on an annual basis in the first two quarters. But they rose 2.1 percent in the third quarter.
"There has been a year-on-year growth for three consecutive months since September," Wang said. "And we expect a full-year growth."
Profitability at the SOEs has improved as they eliminated non-core businesses, enhanced innovation and became more market-oriented by not having to perform social functions for their workers and their families.
The SASAC helped 21 SOEs resolve their problems over social functions in 2011, according to SASAC officials. They added that social service functions have presented difficulties to policymakers working to transform SOEs into market-oriented firms.
Historically, an SOE in China functioned as a social unit providing employees with life-long employment as well as offering all necessary social services to workers and their families, including housing, health care, child care, education and groceries.
Furthermore, Wang said the SASAC is making efforts to adjust the structure of the SOEs in a bid to optimize overall efficiency.
So far, nearly 80 percent of state-owned capital has been distributed across seven major fields - the military, petroleum and petrochemical, power, telecom, coal, civil aviation and shipping industries.
Wang also vowed that SOEs will further increase investment in research and development, while emphasizing training talents and promoting technical innovation.
The 100-plus companies earned a combined profit of 1.1 trillion yuan (US$175 billion) in the first 11 months of this year, nearly flat from a year earlier, Wang Yong, director of the State-owned Assets Supervision and Administration Commission, the regulator of the SOEs, said yesterday.
Sales rose 8.9 percent to 20.1 trillion yuan in the period.
SOEs' total assets had reached 31.2 trillion yuan by November, up 11.5 percent year on year, according to the SASAC.
Profits at the central SOEs, with interests from defense and petroleum to telecommunications and civil aviation, fell on an annual basis in the first two quarters. But they rose 2.1 percent in the third quarter.
"There has been a year-on-year growth for three consecutive months since September," Wang said. "And we expect a full-year growth."
Profitability at the SOEs has improved as they eliminated non-core businesses, enhanced innovation and became more market-oriented by not having to perform social functions for their workers and their families.
The SASAC helped 21 SOEs resolve their problems over social functions in 2011, according to SASAC officials. They added that social service functions have presented difficulties to policymakers working to transform SOEs into market-oriented firms.
Historically, an SOE in China functioned as a social unit providing employees with life-long employment as well as offering all necessary social services to workers and their families, including housing, health care, child care, education and groceries.
Furthermore, Wang said the SASAC is making efforts to adjust the structure of the SOEs in a bid to optimize overall efficiency.
So far, nearly 80 percent of state-owned capital has been distributed across seven major fields - the military, petroleum and petrochemical, power, telecom, coal, civil aviation and shipping industries.
Wang also vowed that SOEs will further increase investment in research and development, while emphasizing training talents and promoting technical innovation.
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