Cen­trally ad­min­is­tered SOEs see surg­ing as­sets

China Daily (Canada) - - NEWS CAPSULE -

China’s state-owned en­ter­prises (SOEs) ad­min­is­tered by the cen­tral gov­ern­ment saw surg­ing as­sets in the past five years thanks to im­proved pro­duc­tion and ef­fi­ciency.

To­tal as­sets of the cen­trally ad­min­is­tered SOEs stood at $8.59 tril­lion at the end of 2017, up 73.8 per­cent from the end of 2012, ac­cord­ing to the coun­try’s top SOE reg­u­la­tor. Prof­its made in the past five years were up 27 per­cent com­pared with the pe­riod of 2008-2012.

Con­sol­i­da­tion among them also picked up as the num­ber of cen­trally ad­min­is­tered SOEs was re­duced from more than 100 in 2013 to 97 af­ter a string of merg­ers and re­or­ga­ni­za­tions.

More than two-thirds of China’s cen­trally ad­min­is­tered SOEs and their sub­sidiaries have in­tro­duced out­side in­vestors, reg­is­tered new firms, re­struc­tured or gone pub­lic to op­ti­mize cor­po­rate man­age­ment.

Their global com­pet­i­tive­ness gained trac­tion thanks to re­form ef­forts, with three Chi­nese cen­trally ad­min­is­tered SOEs rank­ing among the top five For­tune 500 com­pa­nies of 2017.

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