China’s state-owned enterprises (SOEs) showed solid performance in the first quarter of this year, the Ministry of Finance said Tuesday.
In the January-to-March period, all SOEs, excluding the financial ones directly administered by the central government, booked combined revenues of 13.99 trillion yuan ($2.08 trillion), an 8.9% rise year-on-year. Their overall profits before taxes climbed 15.6% year-on-year to 819.8 billion yuan, largely driven by strong performance of oil, transport and warehouse enterprises.
The SOEs’ total after-tax net profits reached 603.6 billion yuan, 18.6% up from the same period of last year.
China has been reforming SOEs in recent years, with many shifting toward mixed (public-private) ownership and market-oriented management.