Profits of China's central SOEs reach 2.4 trln yuan in first 11 months

File photo shows a steel factory of China Baowu Steel Group Corporation Limited in Shanghai, east China. (China Baowu/Handout via Xinhua)

BEIJING, Dec. 26 (Xinhua) -- The profits of China's centrally-administered state-owned enterprises (SOEs) remained stable during the first 11 months of 2023, the country's top state assets regulator said.

Total profits of China's central SOEs reached 2.4 trillion yuan (about 338.2 billion U.S. dollars) in the January-November period, according to a meeting held by the State-owned Assets Supervision and Administration Commission (SASAC) of the State Council that concluded Tuesday.

During this period, the fixed-asset investment of central SOEs, including real estate, expanded 9.1 percent year on year to 4.1 trillion yuan, data from the SASAC showed.

According to the SASAC, the central SOEs have increased spending on research and development (R&D) to boost innovation-driven development. In the first 11 months of 2023, their total R&D input topped 900 billion yuan, an increase of nearly 70 billion yuan compared with the same period a year earlier.

Tuesday's data also revealed that the productivity of central SOEs increased steadily in this period, with their annualized overall labor productivity reaching 773,000 yuan per person, up 3.8 percent year on year.