China's SOEs Report Record High Profits

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Last updated at: (Beijing Time) Monday, December 23, 2002

China's SOEs Report Record High Profits

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According to the State Economic and Trade Commission, China's state-owned enterprises (SOE) and state-owned holding enterprises are expected to make profits of more than 250 billion yuan (about 30 billion US dollars) by the end of this year, setting a new record.

Since the SOEs as a whole had seen a continuous decline in profits before 1998, the Chinese government launched a campaign toturn around the money-losing SOEs in recent years.

This year, many large SOEs successfully reorganized and were listed in the capital market both at home and abroad, making a remarkable breakthrough in establishing a sound and profit-oriented modern enterprise system.

The enterprises also intensified efforts to renovate their obsolete techniques and crafts and to improve their management level by promoting the development of information technology and carrying out training projects.

This year, China has invested nearly 35 billion yuan (about 4.22 billion US dollars) to support 85 technological innovation plans. Among the 1,288 new products that were the focus of the plans, 410 reached the international advanced level.

Additionally, the government has made great efforts to reorganize and upgrade SOEs.

Over the past year, China finished 248 projects on the annexation and bankruptcy of SOEs, writing off more than 26.9 billion yuan (3.24 billion US dollars) worth of bad debts.

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