Profit of Chinese major SOEs reaches 300b yuan in 2003

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Last updated at: (Beijing Time) Tuesday, February 24, 2004

Profit of Chinese major SOEs reaches 300b yuan in 2003

China's 189 major state-owned enterprises (SOEs) enjoyed a sales volume of four trillion yuan (482 billion US dollars) and netted 300 billion yuan (36 billion USdollars) in 2003.

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China's 189 major state-owned enterprises (SOEs) enjoyed a sales volume of four trillion yuan (482 billion US dollars) and netted 300 billion yuan (36 billion USdollars) in 2003.

According to information released Tuesday at China's first national conference on state-owned assets administration, the total assets of the major SOEs reached 8.09 trillion yuan by the end of 2003, increasing 11.2 percent over the previous year.

The owner's rights reached 3.47 trillion yuan, up 5.6 percent, among which the state-owned rights were 2.76 trillion yuan, up 7.5percent.

Statistics show that in 2003, sales volume and profit of all China's state-owned or state-held enterprises reached 7.5 trillionyuan and 461 billion yuan respectively, up 23.6 percent and 21 percent over the previous year.

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