Revenues of China's centrally-administered state-owned enterprises (SOEs) fell 11.8 percent year on year to 6 trillion yuan (about 857.14 billion U.S. dollars) during the first quarter, the country's state asset regulator said Monday.
Over 80 percent of central SOEs reported falling revenues during the period, Peng Huagang, spokesperson for the State-owned Assets Supervision and Administration Commission of the State Council, told a press conference.
However, most central SOEs fared better in March as they revved up work resumption. Their revenues reached 2.2 trillion yuan, recovering to the level seen in January.
It's a "hard-earned result," as the central SOEs has faced unprecedented challenges such as the novel coronavirus epidemic and slumping oil prices during the first quarter, Peng said. Enditem
