Profits of SOEs set to boost China's new growth momentum

The profits of State-owned enterprises under the administration of the central government will generate new growth momentum for the real economy this year, especially in the fields of manufacturing, services and infrastructure development, senior officials said.

Their comments came after the nation's SOEs reported combined record net profit of 1.11 trillion yuan ($167 billion) in the first three quarters of the year as a result of supply-side structural reforms, reduction of the asset-liability ratio and additional curbs on capital outflows.

The figure represents year-on-year growth of 18.4 percent, and double-digit growth every month. Of the 98 central SOEs monitored, 56 saw profits grow by more than 10 percent, while 31 had profit growth of more than 20 percent.