In the first five months, profits of SOEs increased by 8.7% year on year

The Ministry of Finance issued a report on the economic operation of state-owned and state-owned holding enterprises throughout the country, showing that the main economic indicators of state-owned and state-owned holding enterprises continued to grow in the first five months of this year. From January to May, the total profit of state-owned enterprises was 1392.9 billion yuan, an increase of 8.7% over the same period last year, while the profit of oil and power industries grew rapidly.

Statistics show that from January to May, the total business income of state-owned enterprises was 23773 billion yuan, an increase of 7.7% over the same period of last year. Among them, the central enterprises amounted to 13802.63 billion yuan, an increase of 6.3% over the same period of last year; the local state-owned enterprises amounted to 9970.37 billion yuan, an increase of 9.8% over the same period of last year. From January to May, the total operating cost of state-owned enterprises was 22924.01 billion yuan, an increase of 7.8% over the previous year. Among them, the central enterprises increased by 6.4% to 13100.32 billion yuan, while the local state-owned enterprises increased by 9.9% to 9823.69 billion yuan. Among the profits of state-owned enterprises in the first five months, the central enterprises accounted for 956.58 billion yuan, an increase of 9.2% over the previous five months, while the local state-owned enterprises accounted for 436.32 billion yuan, an increase of 7.6% over the previous five months.

It is noteworthy that from January to May, the taxable fees of state-owned enterprises increased by 1.2% compared with the same period last year, with 1379.84 billion yuan for central enterprises, an increase of 1.6% over the same period last year, and 524.47 billion yuan for local state-owned enterprises, an increase of 0.1% over the same period last year. Experts said that in the first five months, the increase rate of taxable fees of state-owned enterprises was only 1.2%, which was significantly lower than the growth rate of total business income, total business cost and total profit. This shows that a series of tax reduction and fee reduction policies have been effective and the burden of tax and fee has been significantly reduced. In terms of assets, liabilities and owner's rights and interests, at the end of May, the total assets of state-owned enterprises increased by 8.8% compared with the same period last year, the total liabilities increased by 8.5% compared with the same period last year, and the total owner's rights and interests increased by 9.3% compared with the same period last year. From January to May, the cost-cost profit margin of state-owned enterprises was 6.2%, which was unchanged compared with the same period last year. Among them, the central enterprises grew by 0.2 percentage points and the local state-owned enterprises by 4.5 percent, down by 0.1 percentage points. At the end of May, the ratio of assets to liabilities of state-owned enterprises was 64.5%, which decreased by 0.2 percentage points. Among them, the central enterprises decreased by 67.5%, 0.2 percentage points; the local state-owned enterprises decreased by 62.2%, 0.1 percentage points. Experts believe that the lower asset-liability ratio reflects the effectiveness of deleveraging of state-owned enterprises.