China’s SOEs revenue up 2.1 percent in 2020
Published: Jan 27, 2021 05:53 PM

A technician examines equipment of a shale gas platform of China Petrochemical Corporation in southwest China's Chongqing Municipality, Feb. 22, 2020. A total of 14 operation points of the shale gas platform have resumed production, boosting the daily shale gas output from 2.11 million cubic meters to 2.53 million cubic meters that secured the downstream companies' operation needs amid the fight against the novel coronavirus outbreak. (Xinhua/Liu Chan)

China' s state owned enterprises (SOEs) registered 2.1 percent revenue growth in 2020 year-on-year, and their profit reaching 95.5 percent of that in 2019, as China's economy continues to recover from the COVID-19 fallout, according to statistics released by China's Ministry of Finance on Wednesday. 

According to the ministry, in 2020, the total revenue made by SOEs increased 2.1 percent year-on-year to 63 trillion yuan ($9.74 trillion). In December, the revenue jumped 14.1 percent. Revenue generated by centrally administered SOEs dropped 1.9 percent. 

Total profit was recorded at 34,222.27 billion yuan for SOEs, a year-on-year decrease of 4.5 percent, which was 1.6 percentage points narrower than the decline from January to November. Total profit made by centrally SOEs reached 215.573 billion yuan, a year-on-year decrease of 5.0 percent. 

In December 2020, total taxation from the SOEs increased more than 12 percent compared to the same period in 2019. For 2020, the total taxation from SOEs reached 4.6 trillion yuan, up 0.2 percent year-on-year. 

Global Times