Provincial-level SOEs' profit rises 57 pct on-year in first 11 months of 2010

18:07, January 07, 2011      

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China's provincial-level state-owned and state-controlled enterprises (SOEs) posted a 56.5 percent year on year rise in net profits in the first 11 months of 2010, a senior official said Friday.

The enterprises' net profit totaled 271.67 billion yuan (41.16 billion U.S. dollars) in the period, said Wang Yong, head of the State-owned Assets Supervision and Administration Commission, when speaking at a conference in Beijing.

The enterprises' combined business revenue totaled 8 trillion yuan during the period, up 38 percent from a year earlier, Wang said.

During the period, the enterprises paid 455.76 billion yuan in taxes, up 26.3 percent year on year, he added.

The state-owned assets watchdog said in December the net profit of China's centrally-administered SOEs in the first 11 months of 2010 jumped 50.1 percent year on year to 802.26 billion yuan.

The overall strength of China's SOEs rose remarkably during the 11th Five-Year Plan, which ran from 2006 to 2010, Wang said, adding that the SOEs played a vital role in helping the economy recover from the financial crisis.

Wang said the country's SOEs should deepen reform and enhance innovation capabilities, to make contributions to the healthy and sustained development of the national economy over the next five years.

Source: Xinhua
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