Earnings at SOEs slide again
Print Edition
THE profits of China’s state-owned enterprises continued to fall in the first three quarters of the year, weighed by lingering downward pressure on the broader economy.
Profits shrank 8.2 percent year on year in the January-September period to 1.74 trillion yuan (US$274 billion), compared with the drop of 6.6 percent in the first eight months, according to data from the Ministry of Finance yesterday.
Profits at petrochemical, oil refining and construction materials SOEs fell substantially, while the steel, coal and nonferrous metal sectors continued to suffer from major losses. However, profits at transport, electronics and chemical engineering firms improved in the period.
Profits at SOEs have been falling throughout the year due to a fragile economic climate. The Chinese economy grew 6.9 percent year on year in the third quarter, below the first half’s 7 percent.
To lift the torpid SOEs, the government unveiled guidelines last month on mixed ownership and a modern enterprise system.
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