Business
22:54, 25-Jul-2017
China's state-owned enterprises' profits increase 24% in H1
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A new report from China's Ministry of Finance says the country's state-owned enterprises posted good numbers in the first half of 2017.
The ministry reported on Tuesday that total revenues of state-owned companies amounted to about 24.6 trillion yuan (3.7 trillion US dollars) from January to July, up 16.6 percent from a year ago, and the companies' combined profits jumped about 24.3 percent to 1.41 trillion yuan (209 billion US dollars).
The report also said that the companies paid more than two trillion yuan (300 billion US dollars) in taxes in the period, up about 10 percent from a year ago.
Steel, coal and oil companies have continued to recover from an industrial downturn caused by the central government's ongoing overcapacity cuts. However, those cuts have put electricity producers at risk by increasing the costs of their raw materials.