Official: China centrally administered enterprises saw recovery in March

Source: Xinhua | 04-19-2009 14:20

BOAO, Hainan, April 19 (Xinhua) -- China's centrally-administered state-owned enterprises (SOEs) reported a rebound in performance in March with a 26 percent growth in profits from a year ago, said an official with China's state asset watchdog Sunday.

The March figure was compared with a 33.3 percent year-on-year drop in profits during the first two months.

Government policies for cushioning effects from the global economic downturn had paid off, Li Rongrong, Minister in charge of State-owned Assets Supervision and Administration Commission (SASAC), said Sunday at the Boao Forum for Asia annual conference 2009 in Boao, Hainan Province.

March profits also surged 86 percent from February, he said. But the specific profits figure was not available.

Operating revenue fell 5.4 percent year on year, but rose 25 percent from February.

Li said he was optimistic but prudent about the future, and the country's economy might see a better-than-expected recovery with joint efforts from the government and enterprises.