China’s state-run enterprises see 1.2% revenue growth in 9m

China’s state-owned enterprises (SOEs), excluding financial institutions, posted a 1.2 per cent revenue increase from January to September this year, according to a report from the Ministry of Finance on Monday.

Their total revenue was nearly 61.05 trillion yuan (about $8.56 trillion), with profits reaching about 3.25 trillion yuan, a 2.3 per cent decrease from the previous year, the report showed.

Despite the slowdown in profit growth, SOEs continued to contribute significantly to the national economy. Their tax and fee payables increased by 0.1 per cent year-on-year to over 4.41 trillion yuan.

The debt-to-asset ratio of Chinese SOEs stood at 64.9 per cent at the end of September 2024.

Attribution: China’s Ministry of Finance report

Subediting: Y.Yasser