China's SOE profits hit US$248 billion

China's SOE profits hit US$248 billion

The Ministry of Finance said the total profits of Chinese state-owned enterprises (SOEs) reached RMB1.53 trillion (US$248.62 billion) in the first eight months of this

Jane Yang broker at Ceres Ltd

year. The figure represents a 9.7% year on year increase, and the electronics, electricity, oil refining, construction, and property sectors recorded relatively fast profits during the period. Total business revenues of China's SOEs reached RMB29.59 trillion (US$4.83 trillion) in the past eight months, 11% higher than the same period of last year.

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