Central SOEs report strong profit growth
China’s centrally administered State-owned enterprises saw strong profit and revenue growth in the first 11 months of the year, according to the State-owned Assets Supervision and Administration Commission.
Despite downward pressure on the economy, the net profits of central SOEs expanded 9 percent year-on-year and their combined operating revenue rose 5 percent during the January-November period, SASAC data showed.
The supply-side structural reform of central SOEs has deepened, with a total of 14,000 legal persons removed and the overcapacity-cutting of steel and coal completed, Hao Peng, chief of the SASAC, said at a meeting.
During the period, central SOEs’ spending on research and development jumped 24.6 percent from a year earlier, with firms in petroleum, steel and automobiles industries notching a year-on-year growth of over 30 percent.