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All SOEs in North China Municipality to Make Profits in 2000
Tianjin, a traditional industrial base in China, will spare no efforts to make all its State-owned and State-controlled enterprises turn their losses into profits by the end of the year.
After a two-year reform period, seventy large and medium-sized SOE's are no longer in debt. Debt in SOEs and SCEs was 1 billion yuan (120 million U.S. dollars) less than last year. However, they are still in the red.
SOEs and SCEs in 20 provinces, municipalities and autonomous regions across China ceased to make losses by the end of last year. Tianjin is the only region in north China whose SOEs and SCEs are still making losses.
Industrial enterprises in Tianjin have made 12.6 billion yuan ( 1.5 billion U.S. dollars) in added value during the first quarter of the year, up 13.4 percent compared with the same period last year.
The growth rate of SOEs was 8.3 percentage points higher than the same period last year.
"Major industrial indexes are better than that of last year," said Bo Yun, chief accountant of the Tianjin Municipal Economic Commission. "We are confident that the SOEs and SCEs will make up deficits and make profits this year."
During the first two months, Tianjin's SOEs and SCEs ranked first place in China in sales/output ratio.
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