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NE China State-Owned Enterprises Making Profit
State-owned and State-controlled industrial companies in the northeastern Liaoning Province realized profits of 9.8 billion yuan (about 1.18 billion U.S. dollars) in the first 11 months last year, nearly 8 billion yuan more than in the same period in 1999.
The local government allocated 80 billion yuan in the past three years to upgrade the State-owned enterprises, and nearly 300 of the 431 such enterprises have started to establish a modern enterprise management system since 2000.
Foreign investment has also been an important means to recover the State-owned enterprises, as more than half of the money from overseas have flown into industry. So far, 100 of the world's top 500 multinationals have set up cooperative relations with the State-owned companies. Toshiba, Sanyo, Siemens and Pfizer have funded the old industrial base.
A senior Liaoning official said the State-owned enterprises were recovering, and since last year they had begun making profits after running at loss for 57 consecutive months. And 10 of the 12 major industries started making money.
Output values of electronic and information technology, bio-pharmaceuticals, and new material industries have been growing at a high speed in the past few years.
The official added that the local government will continue to support foreign investment in key projects and cooperation with State-owned enterprises.
Local officials predicted more than 3 billion U.S. dollars of foreign funds in actual use last year and the gross domestic product over 460 billion yuan in the same year, or up 9 percent against that in 1999.
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