Sons And Daughters Of BBCMF China / Asia Technology

[asia]

China News: SOEs' profits exceed 900b yuan

Profits of China's State-Owned Enterprises (SOEs) grew 25.1 percent year-on-year to 904.7 billion yuan (112 billion U.S. dollars) in 2005, reported the Economic Daily on Monday.

According to a recent finance report from China's Ministry of Finance, the sales revenue of the SOEs totaled 11,534 billion yuan (1,424 billion U.S. dollars) last year, up 19.2 percent from the previous year.

The report also said that profits of China's central SOEs grew 27.3 percent to 641 billion yuan (79 billion dollars) in 2005.

China has continued to prompt reforms of SOEs in the past decade, resulting in gradual increases in SOE's profits, the newspaper said.

Meanwhile, the government has adopted related policies to encourage innovations among SOEs, propelling their sustainable development, it said.