In the first 11 months of 2017, Chinese state-owned enterprises increased profits by a quarter. The most profitable sectors are steel and metals, coal, oil and petroleum products.
According to the Chinese Ministry of Finance, state-owned companies generated a total of 2.5 trillion yuan in profits (about $ 395.6 billion). This is 23.5 percent more than last year. At the end of the year, China's public sector slowed slightly, because after three quarters, growth was 24.9%, but still more than the 21.7% achieved eight months ago. Revenue increased 14.5% to 46.7 trillion yuan, while expenses rose 13.5% to 45.2 trillion yuan.
The largest growth is observed in metallurgical companies producing both ferrous and non-ferrous metals, as well as coal mining, oil and gas and petrochemical companies. The energy sector has dropped markedly.
Among the thousands of Chinese state-owned enterprises, many have plunged into stagnation due to the lack of competition from the government. The Chinese government is trying to reform the public sector. Planned reforms include more market-oriented management and the introduction of mixed ownership. The reforms should be completed by the end of this year.
Chinese state-owned companies end year with double-digit growth
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Azovpromstal® 27 December 2017 г. 10:56 |
