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SOEs' profits soar by faster pace
By Joyce Pan |
December 24, 2010, Friday
|
Print Edition
Print Edition
PROFITS at China's state-owned enterprises administered by the central government soared 50.1 percent annually between January and November as they rode on the country's rapid economic expansion.
The pace of the expansion was faster than the increase of 44.8 percent in the first 10 months.
The SOEs earned a combined 802.3 billion yuan (US$120 billion) in profits in the first 11 months of the year. Their revenues climbed 34.7 percent to 14.9 trillion yuan, according to the State-owned Assets Supervision and Administration Commission. The net profit and revenue for November was not available.
The total assets of the central SOEs stood at 23.9 trillion yuan by the end of November, up an annual 15.6 percent.
Meng Jianmin, vice secretary-general of the SASAC, said last week net profits of the SOEs are expected to exceed 1 trillion yuan this year, a record high.
China has been encouraging mergers and acquisitions among SOEs to enhance efficiency and boost competitiveness.
The pace of the expansion was faster than the increase of 44.8 percent in the first 10 months.
The SOEs earned a combined 802.3 billion yuan (US$120 billion) in profits in the first 11 months of the year. Their revenues climbed 34.7 percent to 14.9 trillion yuan, according to the State-owned Assets Supervision and Administration Commission. The net profit and revenue for November was not available.
The total assets of the central SOEs stood at 23.9 trillion yuan by the end of November, up an annual 15.6 percent.
Meng Jianmin, vice secretary-general of the SASAC, said last week net profits of the SOEs are expected to exceed 1 trillion yuan this year, a record high.
China has been encouraging mergers and acquisitions among SOEs to enhance efficiency and boost competitiveness.
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