According to China Military Net, China North Industry Group Corporation (CNGC) and China Ordnance Equipment Group (COEG) have passed the survival stage and entered into global expansion. CNGC’s 2007 revenue hit 126.5 billion yuan, up 20.8 percent comparing to 2006. Its profits grew by 41.5% over 2006. Revenue base are primarily high-tech military products, products for military and civilian dual use, and petroleum exports. COEG’s revenue grew to 129.9 billion yuan (18.3 billion dollars) in 2007, profits totaling 3.69 billion yuan (0.52 billion dollars). The pruduction and sales of COEG’s automobile/motorcycles and photoelectric products lead the whole world, said the website.
Source: China Military Net, February 28, 2008