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Central SOEs’ profits expand faster
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China’s centrally administered state-owned enterprises posted a faster growth of 7.5 percent in profits from January to November as reforms continued to restructure state-owned assets and promote a mixed ownership, the top state assets regulator said yesterday.
These central SOEs’ profits rose to 1.2 trillion yuan (US$198 billion) in the first 11 months of this year, compared with a flat growth in the same period of last year, data from the State-owned Assets Supervision and Administration Commission showed.
Their total revenues gained 9.5 percent from a year earlier to 21.8 trillion yuan, data showed. They paid 1.8 trillion yuan in taxes, up 5.4 percent.
“The regulator will implement the central government’s decision to reform state-owned enterprises by developing a mixed ownership, introducing modern corporate structure and improving management of state-owned assets,” Zhang Yi, the new chairman of the SASAC, told a meeting of local state-owned assets regulators and SOE chiefs yesterday.
“Some state-owned enterprises should allow employees to own shares and encourage more private investment as part of efforts to explore a mixed-ownership model,” Zhang said. He took over the SASAC on Tuesday, replacing the sacked Jiang Jiemin, who has been under investigation since September “on suspicion of serious disciplinary violations” — a term usually referring to corruption.
Zhang said that 89 percent of the central SOEs have instituted a shareholding system and 52 percent of them have turned into mixed-ownership enterprises.
Zhang added the SOEs will follow Shanghai’s move last week to classify its more than 50 SOEs into three groups — competitive, functional and public utility — with different objectives based on their nature.
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