China's central SOEs post steady revenue, profit growth in Q1

Photo taken on Jan. 13, 2021 shows the headquarters building of China Baowu Steel Group Corporation Limited in Shanghai, east China. (Xinhua/Fang Zhe)

BEIJING, April 16 (Xinhua) -- China's centrally administered state-owned enterprises (SOEs) saw solid revenue and profit growth in the first three months of 2022, the country's top state-asset regulator said Saturday.

The net profits of central SOEs expanded by 13.7 percent from a year ago to 472.3 billion yuan (about 73.9 billion U.S. dollars) in the first quarter (Q1), said the State-owned Assets Supervision and Administration Commission of the State Council.

The central SOEs raked in 9 trillion yuan in combined revenues during the period, an increase of 15.4 percent year on year, according to the regulator.

It noted improvements in the central SOEs' research and development investments and productivity in the period, and urged a stronger commitment to accomplishing annual goals against headwinds.