China's central SOEs profits up 7.5%

BEIJING - The profits of China's centrally administered State-owned enterprises (SOEs) climbed 7.5 percent year on year to 1.2 trillion yuan ($196.22 billion) from January to November, the State-owned Assets Supervision and Administration Commission (SASAC) said Thursday.

SASAC director Zhang Yi said the total revenues of the SOEs administered by the central government stood at 21.8 trillion yuan in the first 11 months, up 9.5 percent from a year earlier, while the paid taxes rose 5.4 percent to 1.8 trillion yuan.

The central SOEs have taken holdings of 385 listed companies home and abroad, which account for more than 10 percent of their assets and profits abroad, Zhang said.

He added that 89 percent of the central SOEs have adopted share holding system and 52 percent became mixed ownership enterprises, while the SOEs administered by local governments are also pushing the SOE reforms.