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Over Half of Large- and Mid-sized SOEs Get Out of Debt
Reforms in China's state-owned enterprises (SOEs) have caused a turnaround in the firms' balance books this year. The latest statistics indicate that 3463 or 52.5% of China's 6,599 large- or medium-sized state owned enterprises, have pulled themselves out of debt.
In terms of geographical locations, there are twenty-two provinces, autonomous regions and municipalities in China whose SOEs have become profitable, while eight provinces' SOEs still remain mired in debt.
In terms of industry, except for the coal and defense industries, all others turned profitable. In the first five months of this year, SOEs have achieved a profit of 69.2 billion yuan, 3.1 times more than the same period last year and a record high in recent years. The petrochemical industry's profit reached 31.4 billion yuan; 93 key enterprises in metallurgical industry 3.95 billion yuan; and percentage of profitable SOEs in the textile industry rose from 7% to 20%.
Meanwhile, many a state-owned enterprises with bright prospects have appeared, such as the Northeast Medicine Group, Qingjiang Hydropower Development Company in Hubei province, Anyang Color Kinescope Cprporation and Haixin Group. Success of these enterprises further strengthened our determination to deepen SOE reforms.
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