Industrial SOEs back in the black
March 6, 2017 Category Macro-economy, Weekly
China’s state-owned industrial enterprises, which account for the majority of China’s SOEs, ended two years of losses in 2016 following structural optimization. In 2016, their profits rose 6.7%, the highest growth rate since 2012, according to the State-owned Assets Supervision and Administration Commission (SASAC). “SOEs are making steady progress benefiting from the supply-side structural reform,” said Shen Ying, Chief Accountant of the SASAC. SOEs under central government control reported CNY1.9 trillion in revenue in January, an 8.7% year-on-year increase. Total profit reached CNY89.12 billion, 24.5% higher than the same period last year. Compared with the past, when SOE’s profits were limited to a few sectors including oil, power and coal, the profits are more balanced and well distributed, with profits from electronic equipment, electrical machinery, medicine and wine, beverages and refined tea reaching CNY165.6 billion, accounting for 14.1% of the total, up 2.5% year-on-year. SOEs in coal, power, oil exploration and processing accounted for 35.3% of the total profits, an 8.3% decrease year-on-year, as well as the fourth consecutive year of decrease. Manufacturing has become the major profit source, earning CNY839.3 billion in 2016, a year-on-year increase of 36.2%, the fourth consecutive year of growth since 2013. In 2016 the number of enterprises supervised by SASAC has been reduced to 102. Locally-administered SOEs also reported growing profit, the government said.
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