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State-owned enterprises' profits expand 10%
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PROFITS at China's state-owned enterprises expanded 10.1 percent from a year earlier in the first 10 months, with the pace slowing a bit from the increase of 10.5 percent in the first three quarters, the Ministry of Finance said today.
The performance was largely in line with a stabilizing recovery in the world's second-largest economy.
The profits totaled 1.97 trillion yuan (US$322 billion) during the January-October period, and the growth was led by centrally administered SOEs whose net earnings jumped 8.2 percent, the ministry said.
The revenue of state-owned enterprises rose 11 percent to 37.7 trillion yuan in the first 10 months.
China plans to further accelerate reforms in state-owned enterprises after a strategic gathering of the Chinese Communist Party convened last week. The plans included requiring state firms to pay larger dividends to the government and allowing private companies a bigger role in the economy.
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