SOEs profit from economic recovery

Updated 2016-12-29 10:03:06 Shanghai Daily

China's state-owned enterprises saw profit growth accelerate in November — a sign the country's economy was becoming more stable.

Profits of the SOEs rose 2.8 percent in the first 11 months of the year to 2.11 trillion yuan (3 billion), up from the 0.4 percent gain posted in the first 10 months, the Ministry of Finance said in a statement yesterday.

Profits of central government-controlled SOEs fell 2.8 percent in the first 11 months, narrowing from a 3.9 percent drop in the first 10 months.

Profits of locally administered SOEs jumped 16.9 percent, higher than the 11 percent growth in the first 10 months.

The profit growth has been improving since the second quarter as the State-owned Assets Supervision and Administration Commission, the SOE regulator, said this month that economic recovery, rising commodity prices and market-oriented SOE reforms helped lift their earnings.

The quicker growth is also the latest sign pointing to economic stabilization after November's economic data showed that manufacturing, inflation, trade, fixed-asset investment and industrial production picked up.

The statement said profits of SOEs in the coal, steel and construction materials sectors rose substantially during the first 11 months, while those of textiles, oil and tobacco SOEs fell sharply.

Revenues of the SOEs climbed 2.4 percent year on year to 40.79 trillion yuan, faster than the 1.5 percent expansion in the first 10 months.

Also in the News

Nicole Kidman Recalls Oscar Glory: Loneliest Time
Showbiz2016/06/16 13:58June 26 2017 20:07:33

Nicole Kidman Recalls Oscar Glory: Loneliest Time

Attending Shanghai International Film Festival, Nicole Kidman talks about her role in "Grace of Monaco".

Labor Day Travel Peak Starts
Also in the News2014/05/01 12:16June 26 2017 20:07:33

Labor Day Travel Peak Starts

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'
Also in the News2014/04/18 13:18June 26 2017 20:07:33

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'

Hollywood star Johnny Depp's speech in the upcoming new film "Transcendence" has been disclosed on Friday, April 11th.

Most Watched

News:
China World Business Sports Showbiz Audio
Video:
C4 My Chinese Life The Sound Stage China Revealed Showbiz Video Travel Video
Photos:
China World Fun Travel Entertainment Sports
Travel:
Beijing Shanghai Guangzhou
Lifestyle:
Live Music Opera & Classical Movies Traditional Shows Exhibitions
Learn Chinese:
Chinese Studio Living Chinese Everyday Chinese Just For Fun Chinese Culture Buzzwords