China´s SOEs report record earnings

cctv.com 02-24-2006 13:14

China's state-owned enterprises reported record earnings last year. The Ministry of Finance says that of the SOEs jumped 25 percent last year to a record 900 billion yuan.

Sales revenue of the SOEs totaled 11.5 trillion yuan last year, up nearly 20 percent from 2004. Officials attributed the rapid growth to sound macro-economic practices, improved corporate governance, restructuring, and higher commodity and petrochemical prices. Driven by high demand and rising prices; the energy, petrochemical and raw material sectors contributed 84 percent of the total profit growth of SOEs. Profits of SOEs that are under direct control of the central government totaled 640 billion yuan in 2005, accounting for about 70 percent of all profit earned by the SOEs.

Editor:Chen Zhuo  Source:CCTV.com