SOEs post higher growth in key indicators

2021-03-29 12:04:34

Technicians check steel products at a subsidiary of China Baowu Steel Group in Maanshan, Anhui province. [Photo by Luo Jisheng/for China Daily] China's State-owned enterprises maintained stable growth during the first two months of this year, with higher growth rate in major economic indicators on a yearly basis, according to data from the Ministry of Finance. In first two months, SOEs saw their total operating revenue rise 33.7 percent year-on-year to 10.19 trillion yuan ($1.56 trillion). The revenue of centrally administered SOEs went up 25.5 percent year-on-year, while that for local SOEs rose 47.5 percent. The net profit of SOEs totaled 548.94 billion yuan, a 1.5-fold growth from the year-ago period. The combined profits of centrally SOEs rose 96.9 percent to 407.7 billion yuan, while local SOEs saw a 9.6-fold growth to 141.24 billion yuan. The tax payable for SOEs rose 24 percent to 927.35 billion yuan, among which the figure for central SOEs increased 22.6 percent year-on-year to 695.9 billion yuan, while local SOEs saw it rise 28.5 percent to 231.45 billion yuan. SOEs' debt-to-asset ratio came in at 64.5 percent at the end of February, flat from the same period of last year. The ratio for central SOEs dropped to 67 percent, down 0.4 percentage points year-on-year, while that for local SOEs went up 0.4 percentage points to 62.5 percent.