Profits of China's major SOEs up 10% by May
(Xinhua)
Updated: 2006-07-04 16:39
Profits of China's 451 major state-owned enterprises (SOEs) increased 10.1
percent to 331.47 billion yuan (US$41.4 billion) in the first five months this
year.
Tuesday's Xinhua-run China Securities Journal, quoting figures from the
State-owned Assets Supervision and Administration Commission (SASAC), reported
SOEs in eight industries, including petrochemicals, telecommunications and
electric power, enjoyed the fastest growth, with profits amounting to 284.81
billion yuan (US$35.6 billion), about 85.9 percent of the total.
By the end of May, total assets of the country's major SOEs reached 14.08
trillion yuan (US$1.76 trillion), surging 13.3 percent year on year, 1.65
trillion yuan more than the start of the year, according to the SASAC figures.
The total assets of SOEs in the petrochemical and coal industries, the two
fastest growing industries, reached 2.28 trillion yuan and 686.8 billion yuan
respectively, up 28.8 percent and 25.1 percent.
SASAC director Li Rongrong recently said major SOEs had played a pivotal and
pillar role in the development of the national economy and were a dependable
force for the central government in dealing with economic risks.
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