Central SOEs Post Slower Growth in First Quarter

What’s new: China’s central government-owned enterprises reported slower growth in revenues and profits in the first quarter, reflecting mounting business uncertainties caused by the Covid-19 resurgence and the war in Ukraine.

State-owned enterprises (SOEs) directly under the central government’s control posted revenue of 9 trillion yuan ($1.4 trillion) in the first three months of 2022, up 15.4% from the same period last year. In the first quarter of 2021, central SOEs posted 30% growth in revenues.