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China's SOEs post steady profit growth in 2019

Profits of Chinese state-owned enterprises (SOEs) grew 4.7 percent year on year in 2019 to reach about 3.6 trillion yuan (about 521 billion U.S. dollars) last year amid reform efforts, official data showed Tuesday.

Total revenues of SOEs reached 62.55 trillion yuan in 2019, up 6.9 percent year on year, the Ministry of Finance said on its website.

Centrally-administered SOEs generated a combined profit of 2.27 trillion yuan, up 8.7 percent year on year.

The SOEs saw their ratio of liabilities to assets at 63.9 percent at the end of last year, down 0.2 percentage points, according to the ministry.

China took a series of measures to invigorate its SOEs in 2019, including the mixed-ownership reform and the comprehensive reform of pilot areas in Shanghai, Shenzhen and Shenyang.

A three-year action plan on the reform of SOEs is expected to be rolled out in the first quarter of 2020 to optimize the use of state-owned assets and spur innovation, according to a report of the Economic Information Daily.

Under the guideline, the mixed-ownership reform will be expanded and strategic restructuring will be strengthened in sectors including coal and electricity, steel and non-ferrous metal, said the newspaper.

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