China's state-owned companies had slower profit growth in the first 10 months of 2019, compared with that in the first nine months due to cooling revenue growth.

Ministry of Finance data shows that state-owned companies had 50.13 trillion yuan revenues between January and October, up 6.5 percent, 0.6 percent slower than the growth in the first nine months. 

Those companies' cost of doing business eased 0.6 percent but not enough to bring higher profit growth. That led to 5.4 percent gain in profits on the year, a 1.2 percent slowdown.

But China's state asset manager will now regulate less in state owned companies' business operations, and focus more on managing their capital, according to a statement by State-owned Assets Supervision and Administration Commission, China's state asset watchdog under the State Council. 

The new role will care more about state companies' shareholding structures, capital flows and the return on capital, rather than a specific company's business performance. That means a step away from meddling those companies' day-to-day operations and decision making, a more market driven approach claimed by the regulator.