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January 16, 2018

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Central SOEs post rosy picture

CHINA’S centrally administered state-owned enterprises yesterday reported double-digit growth in business revenues and profits last year.

The SOEs supervised by the State-owned Assets Supervision and Administration Commission made a total of 1.4 trillion yuan (US$218 billion) in profits, up 15.2 percent.

The total revenue of the centrally administered SOEs rose 13.3 percent to 26.4 trillion yuan in 2017.

China now has 98 centrally administered SOEs, down from 117 five years ago, as the central government has been restructuring central SOEs to improve their efficiency and competitiveness.

A series of reforms have changed their shareholding structure, spinning off non-core assets and encouraging innovation.

According to Xiao Yaqing, head of SASAC, China had basically completed corporate governance reform of central SOEs by the end of 2017.


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