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BIZCHINA / Macro Economy |
Central SOEs' overseas arms have assets of 758b yuanBy ()
Updated: 2007-01-10 16:06 The assets of overseas subsidiaries of China's central State-owned enterprises (SOEs) were worth 757.6 billion yuan (about 94.7 billion US dollars) at the end of 2006, according to the latest statistics from the State-owned Assets Supervision and Administration Commission (SASAC). Revenue from their core business exceeded 400 billion yuan last year, while profits amounted to 87 billion yuan. Though no comparative figures are available, China's central SOEs have been keen to extend their presence in overseas markets in recent years. For instance, China National Petroleum Corporation, China's largest oil and gas producer, has recently completed the acquisition of a 67 percent stake in PetroKazakhstan, while China Ocean Shipping Company -- which has the largest overseas assets of any central SOE -- owns 160 branches in over 50 countries and regions worldwide. Li Rongrong, director of SASAC, urged the central SOEs to manage their overseas assets carefully and beware of bribery and money laundering. As restructuring and acquisitions have progressed over the last three years, the number of central SOEs has dropped from 196 to 159 and will be down to around 100 by 2010. During the first 11 months of last year, the profits of central SOEs reached 689 billion yuan, up 19 percent year on year. Sales rose 22 percent to nearly 7.3 trillion yuan. (For more biz stories, please visit Industry Updates)
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