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State companies post slower income growth in July
By Winny Wang |
August 19, 2010, Thursday
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Online Edition
Online Edition
CHINA'S state-owned enterprises administrated by the central government grew at a slower pace in net income in July, echoing a moderate economic growth in the country.The companies earned a combined 618.86 billion yuan in the first seven months of this year, rising 54.3 percent from a year earlier, compared with a 65.1 percent increase in the first six months, the State-owned Assets Supervision and Administration Commission said in a statement today.Their revenue rose 42.4 percent to 9.15 trillion yuan, compared with a 44.3 percent increase in the first half of this year, the commission said. The central SOEs paid a total of 792 billion yuan in tax, up 25.1 percent on a yearly basis. The commission oversaw 123 central SOEs in August this year, down from 196 at the beginning of 2003, as the country plans to cut the number of SOEs to between 80 and 100 this year through mergers and acquisitions to enhance efficiency and boost competitiveness.
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