China’s central state-owned enterprises (SOE) have seen profit growth of over 6% for the first half of 2022 despite the impacts of a renewed round of Covid-related lockdowns.
Central SOE’s posted operating revenues of 19.2 trillion yuan for the period from January to June, for year-on-year (YoY) growth of 12%, according to figures released by the State-owned Assets Supervision and Administration Commission (SASAC) on 17 July.
Total profits were 1.40936 trillion yuan, for YoY growth of 7.1%, while net profits were 1.08575 trillion yuan, for YoY growth of 6.1%.
“In the first half the quality of central SOE growth further increased, operating revenues and profit rates remained comparatively high, overall asset-liability ratios remained stable, and the contribution made by investment continued to increase,” SASAC said.
SASAC reports that as of the end of May the central SOE three-year reform plan was 94.7% complete, with all key missions completed.
“The next steps are to be unwavering in upholding full year targets and goals, further increasing the quality and effectiveness of central SOE’s, and ensuring that economic performance remains within a rational range in the second half of the year”.