China central SOE net profits up 35.71% in three years

BEIJING - Net profits at China's centrally administrated State-owned enterprises (SOEs) rose 35.71 percent to 1.9 trillion yuan ($279.8 billion) in 2022 from that achieved in 2020, official data showed.

Meanwhile, the operating revenues of China's centrally administrated SOEs increased 30.03 percent from 2020 to reach 39.4 trillion yuan in 2022, according to data from the country's SOE regulator.

The net profits and revenues of centrally administrated SOEs grew at a rather fast pace in the past three years as a whole, given that their net profits grew 5.5 percent year-on-year and revenues increased 8.3 percent year-on-year, respectively, in 2022.

China started to implement a three-year action plan for SOE reform in 2020, and issued a mobilization order for deepening this reform. Thanks to the 2020-2022 action plan, China's SOEs balanced COVID-19 response with effective production and introduced a series of reforms.

The action plan has led to all-out efforts and numerous breakthroughs in key areas, including optimizing the modern enterprise system and the market-oriented operation mechanism.

A total of 99 Chinese SOEs were included on the 2022 Fortune Global 500 List.