Net profit of China’s central SOEs hit $73.9 bn in Q1

✔ Fact Checked by TDPel News Desk

By Lola Smith

Published: April 17, 2022 | 6:54 PM GMT

China’s centrally administered state-owned enterprises (SOEs) saw solid revenue and profit growth in the first three months of 2022, the country’s top state-asset regulator said in a statement carried by Xinhua.

The net profits of central SOEs expanded by 13.7 percent from a year ago to 472.3 billion yuan (about $73.9 billion) in Q1, said the State-owned Assets Supervision and Administration Commission of the State Council.

The central SOEs raked in 9 trillion yuan in combined revenues during the period, an increase of 15.4 percent year on year.

It noted improvements in the central SOEs’ research and development investments and productivity in the period, and urged a stronger commitment to accomplishing annual goals against headwinds.

We are taking you to the next article automatically...You can cancel it below or click Load Now to read it now!

About Lola Smith

Lola Smith is a highly experienced writer and journalist with over 25 years of experience in the field. Her special interest lies in journalistic writeups, where she can utilize her skills and knowledge to bring important stories to the public eye. Lola’s dedication to her craft is unparalleled, and she writes with passion and precision, ensuring that her articles are informative, engaging, and thought-provoking. She lives in New York, USA.