In this undated photo, a worker prepares a steel frame for an expressway bridge in Youxian county in Hunan province of China. (LI AIMIN / FOR CHINA DAILY)
BEIJING – China's centrally administered state-owned enterprises (SOEs) reported a 18.4-percent rise in total profits in the first nine months, the strongest growth for the same period since 2012, official data showed.
In the first three quarters of this year, China's central SOEs made a total of 1.11 trillion yuan (about US$168.6 billion) in profits, said Shen Ying, chief accountant of the State-owned Assets Supervision and Administration Commission (SASAC).
Total revenue of the central SOEs was up 15.4 percent to 19.1 trillion yuan in the nine-month period, while revenue of enterprises from industries such as high-end manufacturing, scientific research and modern services jumped 24.1 percent, she said at a press conference.
Meanwhile, fixed-asset investment of central SOEs dropped 1.5 percent year on year to 1.4 trillion yuan as enterprises from industries with excessive capacity, such as coal and steel-making, had large cuts in investment, according to Shen.
China currently has 98 central SOEs, down from 117 five years ago as the government has been actively restructuring central SOEs in a bid to improve their efficiency and competitiveness.