Guangdong Tells Certain SOEs to Turn over More of Their Profits

(Guangzhou) – Wholly state-owned companies in the southern province of Guangdong will turn over 15 percent of their profits to the government this year, a report the provincial finance department submitted to the local people's congress says.

However, the profitability of these firms has started to worry finance officials.

The figure is significantly more than the previous level of 10 percent, but is still lower than the 30 percent target a recent meeting of the Communist Party's 18th Central Committee called for reaching by 2030.