Profits of Chinese SOEs surge 40.2% Jan.-Nov.

The combined profits of China's state-owned enterprises (SOEs) surged 40.2 percent year on year to over 4.14 trillion yuan (about $650.5 billion) in the first 11 months of the year, official data showed on Friday.

The SOEs saw their operating revenue rise 21.4 percent from a year earlier to 67.34 trillion yuan during the period, according to the Ministry of Finance.

The operating revenue of China's centrally-administrated SOEs amounted to over 37.45 trillion yuan in the January-November period, an increase of 20.3 percent, and profits totaled 2.7 trillion yuan, a rise of 36.4 percent year on year.

By the end of November, the debt-to-asset ratio of the country's SOEs came in at 64.3 percent, remaining unchanged from that registered a year ago, the data showed.

This year, a number of central SOEs' headquarters have been moved out of Beijing as the city phases out non-capital functions.

China Electronic Corporation relocated its headquarters from Beijing to Shenzhen in Guangdong Province on Friday.

The headquarters of China Electric Equipment Group, China Three Gorges Group Corporation and China Satellite Network Group have all exited Beijing in recent months.

Read more: Explainer: Why does China have so many state-owned enterprises?

(With input from Xinhua)

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