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Chinese central state-owned enterprises (SOEs) are expected to realize total profits of 600 billion yuan (US$73.3 billion) in 2005, according to latest governmental statistics.
The profits of central SOEs increased greatly in 2005, said sources with a press conference hosted by the State-owned Assets Supervision and Administration Commission of the State Council (SASAC) in Beijing Thursday.
From January to November, the central SOEs got a profit of 564.99 billion yuan (US$70 billion), up 24.7 percent over the same period of last year, said the SASAC.
The sales revenue also remained rapid growth, said the SASAC. From January to November, the central SOEs achieved a sales revenue of 5.99 trillion yuan (US$742.5 billion), a year-on-year increase of 21.8 percent.
The SASAC forecasts that the total sales revenue of the central SOEs for the whole year will reach 6.6 trillion yuan (US$817.8 billion).
By the end of November, the total assets of the central SOEs have amounted to 10.6 trillion yuan (US$1.313 trillion), up 14.2 percent over the same period of last year, and the net assets totaled 4.5 trillion yuan, up 14.6 percent.
During the first 11 months of this year, the central SOEs have paid 493.14 billion yuan (US$61.1 billion) of taxes, a year-on-year increase of 24.4 percent, said the SASAC.
The taxes paid by the state-owned enterprises and the state-owned holding industrial and commercial enterprises accounted for 43 percent of the total amount of taxes paid by all businesses of the society, while the taxes paid by the central SOEs made up 48 percent of all taxes paid by the state-owned holding industrial and commercial enterprises.
China supports whole listings of businesses of qualified SOEs
The State-owned Assets Supervision and Administration Commission (SASAC) actively creates favorable conditions for promoting joint-stock system reform of large state-owned enterprises (SOEs) with diversified property rights and supports the whole listings of businesses of qualified SOEs, according to the press conference hosted by SASAC.
The SASAC encourages enterprises to inject good core business assets to their listed companies via the methods of adding capital and issuing more shares as well as assets buyout so as to promote the healthy development of listed companies, according to press conference.
The SASAC will speed up the establishment and improvement of boards of directors in SOEs, build up sound external director system, and refine corporate governance, it said.
The SASAC will improve the appointment system of corporate executives, realize board's responsibility to select management, and widen the range for public recruitment of senior corporate executives.
The reform of separating non-core businesses has been deepened, and the separation of enterprises' social obligations has been pushed ahead, SASAC said.
(Xinhua News Agency December 22, 2005)
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