Centrally managed SOEs doing well
April 18, 2017 Category Macro-economy, Weekly
China’s central state-owned enterprises saw their net profits surge 26.5% year-on-year to CNY226.4 billion in the first quarter of this year, thanks to measures including mixed ownership reform, Shen Ying, Chief Accountant of the State-Owned Assets Supervision and Administration Commission (SASAC) said. A total of 91 central SOEs achieved a rise in revenue during the first quarter, with 54 of them witnessing a rise of 10% or more, and sectors such as oil, steel and coal experiencing an increase in revenue of at least 40%. Central SOEs saw their total revenues surge 19.2% to reach CNY6 trillion in the first three months. Shen said the SASAC will accelerate the pace of cutting the number of “zombie companies” and reduce production capacity, and improve efficiency by streamlining the administration of SOEs. Last year, more than 110,000 workers were affected by SOE reform measures such as capacity reductions, the China Daily reports.
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