China Central SOEs’ Profit Growth Outpaces GDP

The combined profits of China’s centrally administered state-owned enterprises (SOE) grew faster than the country’s GDP in 2022. That’s according to the government body that oversees them, which aims to repeat the feat this year.

Buoyed by surging commodity prices and restructuring efforts, the 98 central SOEs made 1.9 trillion yuan ($280.7 billion) in net profits last year, up 5%, Peng Huagang, secretary general of the State-owned Assets Supervision and Administration Commission said at a press conference (link in Chinese) Tuesday.