Big State Firms’ Profits Hit Record High in 2018, jumped 15.7% to 1.2 trillion yuan ($177.6 billion)

Jan 16, 2019 08:05 PM

Big State Firms’ Profits Hit Record High in 2018

By Liu Jiefei



A coal-fired power plant in Huai’an, East China's Jiangsu province, in April 2017. Photo: IC
China’s centrally-controlled state-owned enterprises (SOEs) reported record highs for their combined revenue and profit in 2018, according to government data.

The combined profit of the more than 90 SOEs directly controlled by the central government jumped 15.7% to 1.2 trillion yuan ($177.6 billion) last year, according to data (link in Chinese) released Wednesday by the State-owned Assets Supervision and Administration Commission. The combined revenue of these SOEs reached 29.1 trillion last year, up 10.1% from 2017. They paid a total of 2.2 trillion yuan in taxes and fees in 2018, up 5.7%, the data showed.

https://www.caixinglobal.com/2019-0...rofits-hit-record-high-in-2018-101370751.html