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Profits of Chinese SOEs surged 25% in 05

www.chinanews.cn 2006-02-24 13:51:21

Chinanews, Beijing, Feb. 24 (By Zhao Jianhua) - China's Vice Finance
Minister Zhu Zhigang indicated during an interview on the 23rd that the
state-owned economy witnessed smooth operation last year, and profits of
state-owned enterprises (SOEs) broke the 900 billion RMB (US$111 billion)
mark and reported a year-on-year rise of 25%, setting a new high.
Zhu revealed that SOEs realized 11.5 trillion RMB of revenue last year,
and centrally-governed firms were the main body of profit makers, with
their profit adding up to 641.3 billion RMB and constituting more than
70% of the total profits of SOEs. The top ten profit-making
centrally-governed firms made up 55% of the total profits of SOEs.
China has maintained steady economic growth in recent years, with GDP
growth exceeding 8% for four successive years. Its macro economic
operation reported apparently enhanced coordination and stability, which
provided a favorable external environment for SOEs' healthy growth.
He added that SOEs' economic operation has been constantly improving, and
a lot of underperforming enterprises have gradually retreated from the
field of state-owned economy. The Chinese government began to support
orderly withdrawal of firms that were unable to make profit in 1999, and
up through 2004, SOEs declined 80,000 in number, a drop of 37%, and the
number of employees shrank 38.25 million, down nearly 50% in five years.
The overall strength of SOEs has been remarkably elevated, and their
economic benefits also see a year-by-year increase. Last year, SOEs
maintained a steady and sharp uptrend in their major economic benefit
indicators, and local state-owned economies also showed harmonious
development, with enterprises continuing to raise their profitability.
Enterprises in west China realized a 31% year-on-year growth rate in
profit.

          ��Management buyout permitted in major SOEs
          ��Reforms of SOEs will push ahead next year
          ��China to close unprofitable SOEs by 2008
          ��60,000 SOEs turned private in 10 years
          ��Foreign investors able to buy large SOEs
          ��China to retain not more than 100 SOEs
          ��Restructuring of SOEs centred
          ��SOEs reported big economic growth in 2004
          ��Bankruptcy of SOEs in final stage
          ��Breakthrough in reforming SOEs

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