SASAC Announces $1.75 Trillion Net Profit

Beijing — China’s Centrally-administered State-owned Enterprises (SOEs) declared that the net profits touched 1.75 trillion yuan about ($275 billion) for the elapsed 11 months of 2021, according to the State-owned Assets Supervision and Administration Commission (SASAC), which is an institution directly under the management of the State Council and an ad-hoc ministerial-level organization directly subordinated to the State Council. On the website and in another news, the People’s Bank of China, the central bank, stated it would implement a prudent monetary policy and stabilize credit growth to support the real economy.

Enterprises in the petrochemicals and steel sectors improved the most with a notable rise in their profits. The SASAC added that the reinvestment into research and development by SOEs increased by 0.1 percent compared to the previous year to reach 2.3%.