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China's State-owned Enterprises Profits Up 2004

Reporting rapid growth in their business and profits, China's State-owned enterprises performed well in 2004, an official with State-owned Assets Supervision and Administration Commission (SASAC) said in Beijing on February 1, 2005.

The official said that both the output and sale of major State-owned enterprises in 2004 have hit a historical high. The yearly yield of crude oil was 197 million tons in 2004, up 4.4 percent over that in 2003 and the yearly output of coal rose to 176 million tons, up 3.5 percent year-on-year.

Figures from the commission show that sales revenues of major State-owned enterprises were worth more than 5.55 trillion yuan (US$671 billion) in 2004, an increase of 25.8 percent on-year, bringing in a profit of 478.46 billion yuan (US$58 billion), a rise of 57.6 percent over the same period last year.

With total assets up to 9 trillion yuan, the scale of China's major State-owned enterprises progressed in 2004, he said. Eight Chinese enterprises were listed among the top 500 in the world by FORTUNE magazine in 2004.

He said major State-owned enterprises made great achievements in 2004 in optimizing their industrial structures. Enterprises in the oil and coal sectors have developed their primary businesses and the yield of crude oil, natural gas and coal grew by 13 million tons, 11.6 billion cubic metres and 34.6 million tons during the past year.