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China Expects Same Profit Level for SOEs in 2001
China is expecting the same profit level for its state-owned enterprises and enterprises where the state has a controlling interest in 2001, said Li Rongrong, minister in charge of the State Economic and Trade Commission, Saturday.
He made the remark at a press conference sponsored by the ongoing session of the Ninth National People's Congress (NPC).
The minister said the government will not have a compulsory profit index for state-owned enterprises and enterprises where the state has a controlling interest, as China is now having a market economy.
However, the ministry does have profit expectations based on analysis, Li said.
Soaring oil prices have attributed greatly to the record 239 billion yuan in profit from state-owned and -held enterprises last year, he said.
Falling oil prices since late last year will have an adverse effect on the profits of enterprises, he said.
However, he noted that part of the loss will be compensated by profits rising from improved management and massive technology upgrading projects over the last few years.
"Despite the adverse factors, it is still possible for state- owned and -held businesses to report the same level of profit as last year," he said.
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