Profits of Chinas SOEs pick up

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China"sstate-ownedenterprises(SOEs)sawtheirprofitspickupforthreemonthsinarowtotheendofJuly,offeringevidencethattheworld"ssecondlargesteconomyisrecovering.NetprofitsatSOEsgrewby7.6percentyearonyearto1.3trillionyuan(209.68billionU.S.dollars)inthefirstsevenmonthsoftheyear,theMinistryofFinanceannouncedTuesday.Inthefirstsixmonths,thegrowthratewas7percent.Businessrevenuegrew10.6percentto25.62trillionyuanintheJanuary-Julyperiod.Duringthisperiod,profitsofSOEsadministeredbythecentralgovernmentrose,whilethoseadministeredbylocalgovernmentssufferedadecline.Centrally-administeredSOEssawprofitssurge14.9percentfromayearearlierto945.84billionyuan.Incontrast,profitsoflocally-administeredSOEsshed8.2percentto349.74billionyuan.TheministrysaidSOEsintheelectronics,petrochemicals,powergenerationandpropertysectorsreportedrelativelyfastprofitgrowth,whilethoseinthetransportation,non-ferrousmetal,coalandchemicalsectorssawdeclines.ThemonthlyreportdidnotincludeSOEsinthefinancialsector.（Editor：WangXin、Chen Lidan）Related readingHalf of major SOEs" profits set to be made from abroadChina"s SOEs H1 profits up 7%SOE profits rise at faster speed in first 5 monthsChina"s SOEs face poor profit prospectsSOEs" profits rise 5.3% to US$111.1bWe Recommend

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