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Xinhua Silk Road
Economy

China's central SOEs register rapid profit growth in 2019

January 16, 2020


Abstract : Net profits of China's centrally-administered state-owned enterprises (SOEs) rose 10.8 percent year on year to 1.3 trillion yuan (about 188.8 billion U.S. dollars) in 2019, official data showed Wednesday.

BEIJING, Jan. 15 (Xinhua) -- Net profits of China's centrally-administered state-owned enterprises (SOEs) rose 10.8 percent year on year to 1.3 trillion yuan (about 188.8 billion U.S. dollars) in 2019, official data showed Wednesday.

The growth rate picked up steadily in the second half of last year, the State-owned Assets Supervision and Administration Commission (SASAC) said at a press conference.

"The momentum has been consolidated in pursuing progress while maintaining stability, achieving the target set for the whole year," SASAC spokesperson Peng Huagang said.

According to Peng, the total operating revenue of central SOEs reached 30.8 trillion yuan, up 5.6 percent from a year earlier, with 10 state firms seeing revenue growth of over 20 percent and 29 over 10 percent.

In 2019, the debt-to-asset ratio of China's central SOEs dropped for the third consecutive year to 65.1 percent, 0.6 percentage points down from the beginning of 2019.

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Keyword: China SOE

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