Net profits of China's centrally-administered state-owned enterprises (SOEs) expanded 2.1 percent year on year in 2020 to 1.4 trillion yuan (215.77 billion U.S. dollars), with around 80 percent of central SOEs reporting rising profits, official data showed Tuesday.
The country's 97 central SOEs raked in 30.3 trillion yuan in combined revenues last year, down 2.2 percent year on year, Peng Huagang, spokesperson for the State-owned Assets Supervision and Administration Commission (SASAC) of the State Council, told a press conference.
In December alone, central SOEs saw their revenues rise for the fifth straight month to 3.7 trillion yuan, an 11.7-percent expansion from a year ago.
The fixed-asset investment of central SOEs, excluding property investment, rose 1.9 percent year on year to 2.8 trillion yuan in 2020 despite the adverse impact of COVID-19, according to the SASAC. Enditem