SOEs Saw Revenue Decline Slow in First Four Months, but Profits Plummeted
What’s new: China’s state-owned enterprises (SOEs) posted 17 trillion yuan ($2.38 trillion) of revenue in the first four months of the year, narrowing the year-on-year drop to 9.2% from a nearly 12% fall in the first quarter, according to Monday data released by China’s Ministry of Finance.
However, the net profits figure is less uplifting. The SOEs in general brought in 210.6 billion yuan in the same period, down by 74.3% over the same period last year.
What’s the background: SOEs, especially centrally administered ones, are playing a significant role in helping the Chinese government stabilize the economy during the coronavirus pandemic.
The country’s SOE sector is still in a recovery stage, said the finance ministry.
Quick Takes are condensed versions of China-related stories for fast news you can use.
Contact reporter Lu Yutong (email@example.com)
- MOST POPULAR