Net profits at China's state-owned enterprises (SOEs) witnessed an average annual growth of 25.2 percent from2003 to 2011, the country's chief supervisor of state-owned assets announced Wednesday.
During the period, SOEs' net profit increased from 320 billion yuan (51.2 billion US dollars) to 1.9 trillion yuan, said Wang Yong, head of the the State-owned Assets Supervision and Administration Commission (SASAC). He made the comments during a briefing to the ongoing bimonthly session of the national legislature.
According to Wang, China had 144,700 SOEs and state-controlled enterprises by the end of 2011, whose total assets topped 85.37 trillion yuan.
The figures do not include SOEs in the financial sector, Wang added.
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