-
Advertorial
-
FOCUS
-
Guide
-
Lifestyle
-
Tech and Vogue
-
TechandScience
-
CHTF Special
-
Nanshan
-
Futian Today
-
Hit Bravo
-
Special Report
-
Junior Journalist Program
-
World Economy
-
Opinion
-
Diversions
-
Hotels
-
Movies
-
People
-
Person of the week
-
Weekend
-
Photo Highlights
-
Currency Focus
-
Kaleidoscope
-
Tech and Science
-
News Picks
-
Yes Teens
-
Budding Writers
-
Fun
-
Campus
-
Glamour
-
News
-
Digital Paper
-
Food drink
-
Majors_Forum
-
Speak Shenzhen
-
Shopping
-
Business_Markets
-
Restaurants
-
Travel
-
Investment
-
Hotels
-
Yearend Review
-
World
-
Sports
-
Entertainment
-
QINGDAO TODAY
-
In depth
-
Leisure Highlights
-
Markets
-
Business
-
Culture
-
China
-
Shenzhen
-
Important news
在线翻译:
szdaily -> Business -> 
Profits of centrally-owned SOEs rise
    2018-04-17  08:53    Shenzhen Daily

TOTAL profit from China’s Central Government-owned firms accelerated in the first quarter of the year while debt levels fell from the beginning of the year, suggesting the government is having some success with revamping the State sector.

These firms’ profit in the first quarter of the year rose 20.9 percent from a year earlier to 377.06 billion yuan (US$60.03 billion), up from 15.2 percent for 2017 — the highest in five years, the country’s State assets regulator said yesterday.

For March, their profit rose 17.8 percent from a year earlier to 169.87 billion yuan, the highest for a month on record, spokesman Peng Huagang told a news briefing.

The strong profit numbers could give the government leeway to push forward corporate deleveraging reforms as it aims to make State-owned enterprises (SOEs) more profitable and responsive to the market.

Indeed, the average debt-to-assets ratio was at 65.9 percent at end-March, 0.4 percentage point lower compared with the beginning of this year, Peng said.

The State-owned Assets Supervision and Administration Commission (SASAC) said in January that China would cut the debt-to-asset ratio of Central Government-run enterprises by another 2 percentage points by the end of 2020.

The regulator encourages centrally-owned firms to list their traditional assets or introduce private capital into their traditional businesses and invest the money raised to forward-looking and strategic industries, Peng said.

The SASAC will also increase efforts to clean up nonperforming assets and strictly control high-risk businesses, including monitoring firms’ debt investments and their global businesses, Peng added.

Overseas investments by centrally-owned SOEs account for 60 percent of China’s non-financial outbound investments, Peng said.

China has already cut the number of enterprises administered by the Central Government to 98 from 117 in 2012 through a series of high-profile mergers and acquisitions.

The regulator will complete coal overcapacity cuts and firmly deal with “zombie firms,” Peng said.

He added that centrally-owned firms have cut 16 million tons of steel capacity and 62 million tons of coal capacity so far.(SD-Agencies)

深圳报业集团版权所有, 未经授权禁止复制; Copyright 2010, All Rights Reserved.
Shenzhen Daily E-mail:szdaily@szszd.com.cn