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Profit of China’s Local State Enterprises Plunged 22.7 Percent in the First Five Months

China’s Ministry of Finance released the economic statistics of state-owned and state-controlled enterprises for the first five months of 2022. Due to the impact of the epidemic, the profit of local state-owned enterprises dropped by 22.7 percent.

Although the revenue of state-owned enterprises from January to May increased by 9.2 percent over the same period last year, the profit of all state-owned enterprises dropped 6.5 percent. Among them, local state-owned enterprises saw a deep profit dive of 22.7 percent.

As of the end of May, the asset and liability ratio of Chinese state-owned enterprises was 64.3 percent, of which the ratio for central enterprises was 67 percent, and 63.0 percent for local state-owned enterprises.

Source: Central News Agency (Taiwan), June 28, 2022