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December 25, 2009

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Profits of SOEs decline by sharply slimmer rate

PROFITS of China's state-owned enterprises, excluding those administered by the central government, continued to drop in the first 11 months of this year on an annual basis, but the rate of decline narrowed sharply.

These SOEs posted combined profits of 258.39 billion yuan (US$38 billion), down 6.5 percent year on year, the State-owned Assets Supervision and Administration Commission announced yesterday.

The rate of decline was 11.7 percentage points lower than that for the first 10 months, the assets watchdog said.

The revenue of the SOEs grew 2.8 percent annually to 5.9 trillion yuan in the first 11 months.

The SOEs include firms affiliated to 82 central departments and those run by provincial, regional and municipal governments but exclude 131 enterprises run by the SASAC.


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