SOEs鈥 profit fall widens in January-May
Print Edition
THE profit decline posted by China’s state-owned enterprises widened in the first five months of this year, as the government stepped up efforts to slash excess production capacity in saturated sectors, official data showed yesterday.
Profits fell 9.6 percent year on year to 837.39 billion yuan (US$126.4 billion) in the January-May period, data from the Ministry of Finance showed.
The pace of decline picked up from the 8.4 percent fall registered in the first four months.
Profits of SOEs under central government control dropped 9.6 percent while those of locally administered SOEs slumped by 9.6 percent from one year earlier.
SOEs in the oil, chemicals and building materials sectors posted substantial profit declines, while coal, steel and nonferrous metal SOEs continued to suffer losses. However, transport and pharmaceutical SOEs posted big profit increases.
SOE revenues fell 0.6 percent to 17.2 trillion yuan, narrowing from the 1.7 percent drop in the January-April period.
An economic downturn, which trimmed China’s economic growth to 6.7 percent in the first quarter, has put pressure on SOEs, which are at the forefront of an official drive to reform the country’s growth model and cut overcapacity.
Data suggest stabilization in the economy as in the first five months, industrial output grew 5.9 percent from a year earlier, up from 5.8 percent in the first four months.
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