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China’s central state firms report strong profit growth in first two months

Updated: Mar 10,2018 4:33 PM     Xinhua

BEIJING — China’s centrally-administered State-owned enterprises (SOEs) reported double-digit growth in business revenue and profit in the first two months in 2018, State assets regulator said on March 10.

During the January-February period, the centrally administered SOEs made a total of 206.67 billion yuan ($32.63 billion) in profit, up 22.6 percent year-on-year, said Xiao Yaqing, head of the State-owned Assets Supervision and Administration Commission.

Total revenue of the central SOEs was up 10.9 percent year-on-year to 4.1 trillion yuan in the first two months, Xiao said at a news conference on the sidelines of the first session of the 13th National People’s Congress.