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Central SOEs lead growth in profits
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Profits at China’s state-owned enterprises grew 10.1 percent from a year earlier in the first 10 months of this year, a slight slowdown from the 10.5 percent increase in the first three quarters, the Ministry of Finance said yesterday.
The net earnings totaled 1.97 trillion yuan (US$323 billion) during the January-October period, and the growth was led by centrally-administered SOEs whose net incomes jumped 13.9 percent.
SOEs in electronics, power generation, construction, transport and vehicles posted a bigger rise in profits while those in the nonferrous metal, chemistry, coal and machinery sectors reported a loss in profits, the ministry said.
Meanwhile, the revenue of the SOEs rose 11 percent to 37.7 trillion yuan in the first 10 months.
China plans to further accelerate reforms in SOEs, such as requiring them to pay larger dividends to the government and allowing private firms a bigger role in the economy.
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