Profit growth at the Mainland’s state-owned enterprises (SOEs) has accelerated this year, reflecting signs of improvement in the economy, the state-run news agency Xinhua reports.
The Ministry of Finance said on Monday the combined profits of the SOEs were 301.86 billion yuan (US$43.75 billion) in the first two months of this year, an increase of 40.3 percent from the same time last year.
Xinhua reported that profits slumped by 14.2-percent in the January-February period of last year. Across all of last year, SOEs recorded an average profit of 1.7 percent.
Together with other economic indicators such as the industrial profits and fixed asset investment, the latest economic data show the Chinese economy is gaining upward momentum, the report says.
China’s economy expanded 6.7 percent last year, the slowest growth in 26 years.
