Profit of major SOEs' to exceed 300 billion yuan: SASAC

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Last updated at: (Beijing Time) Monday, December 15, 2003

Profit of major SOEs' to exceed 300 billion yuan: SASAC

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The profits of major state-owned enterprises (SOE) are expected to exceed 300 billion yuan (36.28 billion US dollars) with the gross revenue to exceed 4 trillion yuan (484 million US dollars) in 2003, said a senior Chinese official Monday.

Improvement of macro-economic factors is the main reason for the profits' increase of the major SOEs, stressed Li Rongrong, director of the State-owned Assets Supervision and Administration Commission of the State Council (SASAC) at the SASAC annual conference.

The gross domestic product (GDP) in 2003 is expected to reach 11.58 trillion yuan, an increase of 8.5 percent over last year, Lisaid.

He pointed out the management costs of the major SOEs continue to go up at a time when their profits are on the rise.

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