Guangdong's State-owned economic assets and net profit rank No 2 in China

The scale and efficiency of the State-owned enterprises (SOEs) in Guangdong province steadily increased against the severe and complicated economic situation and arduous reform tasks in 2017. The total value of State-owned assets in Guangdong reached 9.05 trillion yuan ($1.37 trillion), and the net profits reached 171.12 billion yuan. Both figures ranked No 2 in the country and the main indicators reached the highest level in the latest five years.

Li Cheng, Party secretary and director of Guangdong Provincial State-owned Assets Supervision and Administration Commission (SASAC), stated that they actively explored the market, dug deep into internal potential, focused on the development of major industries, strengthened collaboration and cooperation, and successfully improved quality and efficiency in 2017. As a result, the State-owned economy has achieved steady, quality and efficient growth.

As of the end of December 2017, the total State-owned assets had reached 9.05 trillion yuan, a year-on-year increase of 28.6 percent, ranking No 2 in the country. The average asset-liability ratio was 65.2 percent. Among them, the total assets of SOEs supervised by provincial SASAC totaled 1.55 trillion yuan, a year-on-year increase of 9.8 percent. The asset-liability ratio reached 56.88 percent.

At the same time, the economic indicators of the State-owned economy in Guangdong were good and the economic benefits were stable. From January to December 2017, the provincial and municipal SASACs-supervised SOEs in Guangdong realized a total profit of 228.78 billion yuan, an increase of 49.9 percent year-on-year. The net profits reached 171.12 billion yuan, a year-on-year increase of 49.7 percent, ranking No 2 in the country. Among them, the total profits of provincial SASAC-supervised SOEs reached 26.84 billion yuan, an increase of 15.6 percent. The net profits reached 17.83 billion yuan, a year-on-year increase of 16 percent.

In addition, the social contribution made by Guangdong's State-owned economy continued to grow. The provincial and municipal SASACs-supervised SOEs in Guangdong contributed 194.46 billion yuan in taxes, a year-on-year increase of 39.5 percent. The number of employees reached 1.25 million, an increase of 7.3 percent year-on-year. Among them, the provincial SASAC-supervised SOEs contributed 22.10 billion yuan in taxes, an increase of 3.5 percent year-on-year and the number of employees reached 272,600, an increase of 7 percent year-on-year.

Guangdong also completed two restructuring cases at the corporate level, a highlight in State-owned enterprise reform in China in 2017.