Economic performance of State-owned and State-holding enterprises from Jan to Apr in 2018

The State-owned and State-holding enterprises (hereinafter referred to as State-owned enterprises or SOEs) saw a good and steady economic development from January to April in 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, and petrochemical witnessed immense leap.

Major economic performance indicators of SOEs

I. Total operating income

From January to April, the total operating income of SOEs was 17.50 trillion yuan ($2.73 trillion), a year-on-year increase of 9.7 percent.

(1) The central SOEs gained 10.30 trillion yuan, an increase of 9.5 percent year-on-year.

(2) Local SOEs had an income of 7.21 trillion yuan, an increase of 10.1 percent year-on-year.

II. Total operating costs

From January to April, the total operating costs of SOEs were 16.83 trillion yuan, an increase of 9.2 percent year-on-year, of which sales expenses, management expenses, and financial expenses increased by 7.3 percent, 12.3 percent, and 11.8 percent respectively year-on-year.

(1) The central SOEs spent 9.76 trillion yuan in costs, an increase of 8.9 percent year-on-year, of which sales expenses, management expenses, and financial expenses increased by 7.5 percent, 11 percent, and 10.8 percent year-on-year respectively.

(2) The costs of local SOEs reached 7.07 trillion yuan, an increase of 9.7 percent year-on-year, of which sales expenses, management expenses, and financial expenses increased by 6.9 percent, 13.8 percent, and 12.6 percent respectively year-on-year.

III. The profits

From January to April, the total profits of SOEs reached 1.01 trillion yuan, a year-on-year increase of 18.4 percent.

(1) The profits of central SOEs reached 692.94 billion yuan, a year-on-year increase of 19.1 percent.

(2) Local SOEs profited 312.55 billion yuan, a year-on-year increase of 16.9 percent.

IV. The taxes payable

From January to April, SOEs paid taxes of 1.51 trillion yuan, an increase of 8.9 percent year-on-year.

(1) The taxes payable of central SOEs reached 1.09 trillion yuan, a year-on-year increase of 7 percent.

(2) The taxes payable of local SOEs reached 412.69 billion yuan, a year-on-year increase of 14.2 percent.

V. Assets, liabilities and owner's equity

At the end of April, total assets of SOEs reached 166.81 trillion yuan, an increase of 9.9 percent year-on-year; total liabilities were 108.48 trillion yuan, an increase of 9.2 percent year-on-year; owner's equity totaled 58.33 trillion yuan, a year-on-year increase of 11.1 percent.

(1) Total assets of the central SOEs totaled 76.72 trillion yuan, an increase of 7.3 percent year-on-year; total liabilities totaled about 52 trillion yuan, an increase of 6.6 percent year-on-year; total equity of the owners was 24.72 trillion yuan, an increase of 8.7 percent year-on-year.

(2) The total assets of local SOEs amounted to 90.10 trillion yuan, a year-on-year growth of 12.2 percent; the total liabilities amounted to 56.48 trillion yuan, a year-on-year increase of 11.7 percent; and the total equity of the owners was 33.61 trillion yuan, a year-on-year increase of 13 percent.

Profitability of major industries

From January to April, the profits of steel, coal, petroleum, and petrochemical 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 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.