SOEs profit from economic recovery

Advanced Search

The story appears on

Page A9

December 29, 2016

GET this page in PDF

Free for subscribers

View shopping cart

SOEs profit from economic recovery

By Feng Jianmin | December 29, 2016, Thursday |

Print Edition

CHINA’S state-owned enterprises saw profit growth accelerate in November — a sign the country’s economy was becoming more stable.

Profits of the SOEs rose 2.8 percent in the first 11 months of the year to 2.11 trillion yuan (US$303 billion), up from the 0.4 percent gain posted in the first 10 months, the Ministry of Finance said in a statement yesterday.

Profits of central government-controlled SOEs fell 2.8 percent in the first 11 months, narrowing from a 3.9 percent drop in the first 10 months.

Profits of locally administered SOEs jumped 16.9 percent, higher than the 11 percent growth in the first 10 months.

The profit growth has been improving since the second quarter as the State-owned Assets Supervision and Administration Commission, the SOE regulator, said this month that economic recovery, rising commodity prices and market-oriented SOE reforms helped lift their earnings.

The quicker growth is also the latest sign pointing to economic stabilization after November’s economic data showed that manufacturing, inflation, trade, fixed-asset investment and industrial production picked up.

The statement said profits of SOEs in the coal, steel and construction materials sectors rose substantially during the first 11 months, while those of textiles, oil and tobacco SOEs fell sharply.

Revenues of the SOEs climbed 2.4 percent year on year to 40.79 trillion yuan, faster than the 1.5 percent expansion in the first 10 months.

Economy

About Us
|
Terms of Use
|
RSS
|
Privacy Policy
|
Contact Us
|
Shanghai Call Center: 962288
|
Tip-off hotline: 52920043

沪ICP证：沪ICP备05050403号-1
|
互联网新闻信息服务许可证：31120180004
|
网络视听许可证：0909346
|
广播电视节目制作许可证：沪字第354号
|
增值电信业务经营许可证：沪B2-20120012

SOEs profit from economic recovery

Email this to your friend