Chinese bonds are increasingly seen as a safe haven as US national debt level spikes over $30 trillion. Photo: iStock

In 2018, the operating income and net profit of the key state-owned enterprises (SOEs) achieved double-digit growth of 10.1% and 15.7%, respectively, from a year earlier, The Beijing News reported.

Peng Hua, the secretary-general of the State-owned Assets Supervision and Administration Commission (SASAC), told a press conference in Beijing that the key SOEs had achieved a total operating income of 29.1 trillion yuan and their total profit reached a record 1.7 trillion yuan last year.

This meant a net profit of 1.2 trillion yuan, a year-on-year increase of 15.7%. And the net profit attributable to the owners of the parent company was 610.01 billion yuan, an increase of 17.6%.

Also, key SOEs have achieved a remarkable outcome in the de-leveraging campaign. At the end of 2018, the average asset-liability ratio of key SOEs was 65.7%, down 0.6 percentage points from the beginning of the year. Among them, 50 companies fell by more than 1 percentage point.

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