110 Billion Yuan Profits Targeted by SOEs in China This YearSources from the China Enterprises' Reforms and Management Meeting say that China's state-owned enterprises (SOE) will exert more efforts for making a total of 110 billion yuan of profits this year.Statistics provided by the State Trade and Economic Commission show that by the end of 1999 there are already 3211 out of 6599 state-owned or state-controlled enterprises confirmed in a tough situation in 1997 have shrugged off losses and 1291 even realized profits. There are as many as 1920 enterprises having stepped out of their dilemma by way of bankruptcy and takeover or through reform; the three industries as of textile, construction materials and non-ferrous metallurgy even have succeed in transferring losses to profits. Economic Daily is quoted as saying that the targets of SOEs this year aim to make up deficits, achieve surpluses and win more profits in such industries as machinery, metallurgy, petroleum and chemicals, light and textile industries, construction, tobacco, non-ferrous metallurgy, electronics, gold and medicine. Efforts have been demanded for cut losses in coal and military industries and the economic results of important enterprises and old industrial bases should be improved. |
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