State Council: Yuan and Profit Growth

state council: China's centrally administrated state-owned enterprises SOEs reported favorable financial results and an investment surge in key sectors such as 5G in the first quarter of 2019, according to Global Times China. Their aggregate operating revenue grew 6.3 percent year-on-year to 6.8 trillion yuan 1 trillion Peng Huagang, a spokesperson for the State-owned Assets Supervision and Administration Commission SASAC said at a press briefing of the State Council, China's cabinet, on Tuesday. According to the National Bureau of Statistics Thursday, during the first nine months of this year, large industrial enterprises with annual revenues of over 20 million yuan 3.14 million generated profits totaling 3.68 trillion yuan, up 27 percent year-on-year. Profit growth was even better, reaching 426.5 billion yuan, up 13.1 percent year-on-year, while the debt-to-asset ratio declined further, falling 0.2 percentage points during the first quarter, Peng said. So far, 70 percent of all central SOEs and their subsidiaries have introduced mixed-ownership reform. Officials said the good growth momentum of central SOEs came as the nation's policies such as mixed-ownership reform yielded results. (news.financializer.com). As reported in the news.