In this undated photo, employees from a subsidiary of China Shipbuilding Industry Corp install clean-energy equipment in Nantong, Jiangsu province. (PHOTO / XINHUA)
BEIJING – China's centrally administered State-owned enterprises saw steady growth in both revenue and profit in 2022, according to the country's top State-owned assets regulator.
The total operating revenue of central SOEs climbed 8.3 percent on a yearly basis to 39.4 trillion yuan ($5.82 trillion) in 2022, while their net profit expanded 5 percent year-on-year to 1.9 trillion yuan, said the State-owned Assets Supervision and Administration Commission of the State Council.
Seven groups among China's 98 central SOEs registered over 100 billion yuan of profit last year
Seven groups among China's 98 central SOEs registered over 100 billion yuan of profit last year.
The commission said China's three-year (2020-22) action plan for the reform of SOEs successfully concluded with high-quality achievements in 2022.
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In 2022, the productivity of central SOEs increased steadily, with the annualized overall labor productivity reaching about 763,000 yuan per person — up 8.7 percent year-on-year. Investment in research and development continued to grow with a year-on-year rise of 9.8 percent.
The average debt-to-asset ratio of central SOEs stood at 64.8 percent at the end of last year.
Central SOEs paid 2.8 trillion yuan in taxes and fees in 2022, up 19.3 percent year-on-year.
With Xinhua inputs