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March 10, 2017

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Home » Business » Economy

Central SOEs post strong finances

CHINA’S centrally administered state-owned enterprises performed well in the first two months of 2017 thanks to a stabilizing economy and better management, the state asset regulator said yesterday.

Combined profits of China’s centrally administered SOEs surged 29.1 percent year on year to 168.6 billion yuan (US$24.4 billion) in the first two months, Xiao Yaqing, head of State-owned Assets Supervision and Administration Commission, told a press conference.

China’s 102 central SOEs saw revenues up 15.2 percent to 3.7 trillion yuan in the two months from the same period of last year, Xiao said.

He said the strong growth was a result of reductions in cost and management expenses, which also reflects the stabilization of the national economy.

Total profits of China’s central SOEs rose 0.5 percent year on year to more than 1.23 trillion yuan in 2016, while revenues rose 2.6 percent to 23.4 trillion yuan, SASAC data showed.

Xiao voiced “full confidence” in the performance of China’s SOEs this year, but he also warned of economic uncertainties and stressed the need to keep potential risks under control.

China pledged to deepen SOE reform in 2017 in a government work report delivered by Premier Li Keqiang on Sunday, promising measures such as introducing a mixed ownership system and more efforts to make SOEs leaner and healthier, and perform better.


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