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Friday, January 13, 2017, 21:21

China central SOEs' profits grow

By Xinhua

China central SOEs' profits grow
This picture taken on July 2, 2009 shows a woman riding past new highrise developments in Beijing's Central Business District (CBD) at the break of day. (Photo / AFP)

BEIJING - China's state-owned enterprises (SOEs) administered by the country's state-asset regulator saw profits slightly up in 2016.

China has 102 centrally administered SOEs, which manage the bulk of the country's state assets

Central SOEs made total profits of 1.23 trillion yuan, up 0.5 percent year on year, the State-owned Assets Supervision and Administration Commission said in a statement.

Growth picked up from a 5.6-percent decrease in 2015.

Revenues of these companies rose 2.6 percent year on year to 23.4 trillion yuan.

Some 96 central SOEs reported year-on-year profit growth last year, the statement said.

The improving figures came as the country's economy grew at a steady pace. In the first three quarters of 2016, the economy expanded 6.7 percent year on year, well within the government's annual growth target of between 6.5 and 7 percent.

China has 102 centrally administered SOEs, which manage the bulk of the country's state assets.

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