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China's SOEs More Vigorous
China's state-owned enterprises (SOEs) acquired a record profit of 283.38 billion yuan in 2000, up 147.3 percent on an annual basis and 147.8 billion yuan more than the historical peak in 1994.
According to the figures released by the Ministry of Finance Tuesday, China had 191,000 SOEs in 2000, with assets of over 16 trillion yuan, up 10.2 percent compared to the previous year.
Officials with the ministry attributed the significant increase of SOEs' profits to the country's further investment in infrastructure construction and the acceleration of restructuring of SOEs, adding that the continuous rise of international oil price in 2000 also greatly benefited large-scale petroleum enterprises.
Statistics show that the number of money-losing firms decreased by 19,000, thanks to various effective measures adopted by the Chinese government.
By 2000, China had 9,283 large-scale SOEs, accounting for 4.7 percent of the total. However, their assets made up 64.1 percent of the total SOEs' assets, while their profits amounted to as high as 95.7 percent of the total in 2000, according to the ministry.
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