(MENAFN) The latest data released on Monday offers a comprehensive overview of the financial performance of China's state-owned enterprises (SOEs) in the first quarter of this year (Q1).
According to official figures provided by the Ministry of Finance, these entities collectively registered a notable uptick in operating revenue, amounting to 19.81 trillion yuan, or approximately 2.79 trillion U.S. dollars. This represents a significant 3.2 percent increase compared to the corresponding period last year.
Additionally, the combined profits of SOEs experienced a steady 2.8 percent year-on-year growth, reaching a total of 1.08 trillion yuan during the first three months of the year.
The Ministry also disclosed that the debt-to-asset ratio of SOEs saw a marginal increase, reaching 65 percent by the end of March. This uptick, though slight at 0.3 percentage points from the previous year, underscores the evolving financial landscape within China's state-owned sector.
These figures, however, exclude financial institutions and are based on data collected from SOEs operating at both the provincial and central government levels. Such information offers valuable insights into the overall stability and growth trajectory of China's state-owned enterprises, which serve as key pillars of the country's economy.
Despite facing various economic challenges and global uncertainties, the resilience demonstrated by China's SOEs in terms of revenue generation and profit growth highlights their robust position within the national economic landscape.
As major contributors to employment, infrastructure development, and strategic industries, the performance of these enterprises bears significant implications for China's broader economic outlook.
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