Economic performance of State-owned and State-holding enterprises in Q1

The State-owned and State-holding enterprises (hereinafter referred to as State-owned enterprises or SOEs) saw a good and steady economic development in the first quarter of 2018. The solvency and profitability improved over the same period of last year.

The increase in profits was 7.8 percentage points higher than the income. The profits of key industries such as steel, coal, petroleum, petrochemical and electric power witnessed immense leap.

Major economic performance indicators of SOEs

I. Total operating income

From January to March, the total operating income of SOEs was 12.95 trillion yuan ($2.02 trillion), a year-on-year increase of 8.9 percent.

(1) The central SOEs gained 7.70 trillion yuan, an increase of 8.9 percent year-on-year.

(2) Local SOEs had an income of 5.25 trillion yuan, an increase of 8.8 percent year-on-year.

II. Total operating costs

From January to March, the total operating costs of SOEs was 12.47 trillion yuan, an increase of 8.3 percent year-on-year, of which sales expenses, management expenses, and financial expenses increased by 5.4 percent, 12.5 percent, and 12.9 percent respectively year-on-year.

(1) The central SOEs spent 7.31 trillion yuan in costs, an increase of 8.2 percent year-on-year, of which sales expenses, management expenses, and financial expenses increased by 6 percent, 9.4 percent, and 14.1 percent year-on-year respectively.

(2) The costs of local SOEs reached 5.16 trillion yuan, an increase of 8.4 percent year-on-year, of which sales expenses, management expenses, and financial expenses increased by 4.6 percent, 16 percent, and 11.7 percent respectively year-on-year.

III. The profits

From January to March, the total profits of SOEs reached 711.04 billion yuan, a year-on-year increase of 16.7 percent.

(1) The profits of central SOEs reached 492.91 billion yuan, a year-on-year increase of 15.6 percent.

(2) Local SOEs profited 218.13 billion yuan, a year-on-year increase of 19.4 percent.

IV. The taxes payable

From January to March, the taxes payable of SOEs amounted to 1.15 trillion yuan, an increase of 9.4 percent year-on-year.

(1) The taxes payable of central SOEs reached 850.74 billion yuan, a year-on-year increase of 7.3 percent.

(2) The taxes payable of local SOEs reached 302.2 billion yuan, a year-on-year increase of 16 percent.

V. Assets, liabilities and owner's equity

At the end of March, total assets of SOEs reached 164.08 trillion yuan, an increase of 9.6 percent year-on-year; total liabilities were 106.57 trillion yuan, an increase of 8.7 percent year-on-year; owner's equity totaled 57.50 trillion yuan, a year-on-year increase of 11.3 percent.

(1) Total assets of the central SOEs totaled 76.26 trillion yuan, an increase of 7 percent year-on-year; total liabilities totaled 51.69 trillion yuan, an increase of 6.1 percent year-on-year; total equity of the owners was 24.56 trillion yuan, an increase of 9.2 percent year-on-year.

(2) The total assets of local SOEs amounted to 87.82 trillion yuan, a year-on-year growth of 11.9 percent; the total liabilities amounted to 54.88 trillion yuan, a year-on-year increase of 11.2 percent; and the total equity of the owners was 32.94 trillion yuan, a year-on-year increase of 12.9 percent.

Profitability of major industries

From January to March, the profits of steel, coal, petroleum, petrochemical, and electric power industries increased significantly year-on-year, at a higher rate than the growth rate of income. Profits of non-ferrous metals and other industries have fallen sharply year-on-year.

Note: The country's State-owned and State-holding enterprises in this report, excluding State-owned financial enterprises, refer to the central SOEs, enterprises under central government departments and units, as well as local State-owned and State-holding enterprises in 36 provinces, autonomous regions, municipalities directly under the Central Government and cities with independent planning status.