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From Chinese Media

Central SOEs to turn over 63b yuan to State

Updated: 2011-03-10 15:29

By Gao Yuan (chinadaily.com.cn)

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China's central State-owned enterprises (SOEs) were estimated to turn over about 63 billion yuan ($9.37 billion) as capital income to the nation, the China Securities Journal reported Thursday.

The total profits of the central SOEs reached 1.1 trillion yuan in 2010, the newspaper reported, quoting Peng Huagang, a spokesman for the State-owned Assets Supervision and Administration Commission (SASAC).

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Peng estimated that 63 billion yuan will be turned over by the central SOEs this year because the SASAC raised the SOEs' profit payment ratio to 15 percent in November of 2010. It was 10 percent before the rising, the report said.

After deducting income taxes, shareholders' gross returns, legal accumulation funds and other expenses, about one-fourth of the earnings -- about 280 billion yuan -- became enterprises' disposable profits, which could be used for SOEs' reform and development, which includes expanding production, replacing retired personnel and covering the State investment finance gaps, according to Peng.

The central SOEs paid about 282.5 billion yuan as taxes last year, accounting for about 25 percent of their entire profits, Peng said.

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