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Chinese SOEs see slower profit growth

Updated: Dec 21,2014 9:50 PM     Xinhua

Chinese state-owned enterprises (SOEs) saw their profits grow at a slower pace in the first 11 months of 2014, latest data showed.

Combined profits of SOEs rose 4.5 percent year on year to 2.24 trillion yuan (about $366 billion) in the first 11 months, the Ministry of Finance said on Dec 21 in a statement.

The pace was lower than 8.2 percent reported in the same period of last year and 6.1 percent for the first 10 months of this year.

The slowdown in profit growth came amid signs of a slowing Chinese economy.

According to the National Bureau of Statistics, the purchasing managers’ index for the manufacturing sector slipped to an eight-month low of 50.3 in November.

From January to November, total revenues rose 3.9 percent year on year to 43.41 trillion yuan and total costs increased 4.3 percent to 41.99 trillion yuan.