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China’s central SOEs contribute more to society in 2018

Updated: Jan 17,2019 8:57 PM     Xinhua

BEIJING — China’s centrally administered State-owned enterprises (SOEs) made greater contributions to society last year, an official with the state assets authority said on Jan 17.

In 2018, central SOEs handed in 2.2 trillion yuan ($325.5 billion) of taxes and fees, up 5.7 percent from a year earlier, Peng Huagang, spokesman for the State-owned Assets Supervision and Administration Commission of the State Council, told reporters.

The country’s three telecom operators completed their tasks of fee cuts in advance last year, saving more than 120 billion yuan for their clients during the year, Peng said.

An industrial investment fund for central SOEs to support poor areas decided upon 63 projects involving 12.89 billion yuan, which will bolster infrastructure construction, promote distinctive industries, improve education and medical care, and raise people’s incomes.

Peng also said the combined profits of those companies reached a new high of 1.7 trillion yuan in 2018, up 16.7 percent from 2017, while their revenues rose 10.1 percent to 29.1 trillion yuan.