The latest official data points to double-digit growth in both earnings and profits for China’s central state-owned enterprises in 2017.
Figures released at the Central State-owned Enterprise Local SASAC Executives Meeting (中央企业地方国资委负责人会议) indicate that central SOE’s achieved full year operating revenues of 26.4 trillion yuan (USD$4.11 trillion) in 2017 and full year profits of 1.4 trillion yuan, for year-on-year growth of 13.3% and 15.2% respectively.
The meeting also reported that China’s central SOE’s have completed work in relation to more than 1,200 “zombie enterprises,”reducing administrative costs by 13.5 billion yuan.
Key goals on the central SOE reform agenda for 2018 include the removal of 12.65 million tonnes in excess coal capacity, as well as the removal of excess capacity in the non-ferrous metals, ship building, oil refining and construction materials sectors.
