The total profits of the central state-owned enterprises (SOEs) hit record 754.69 billion yuan (about US$119 billion) last year, up 18.2 percent year-on-year, according to State-owned Assets Supervision and Administration Commission (SASAC).

The central SOEs, referring to those under the management of central government, posted sales totaling record 8.14 trillion yuan last year, up 20.1 percent.

According to SASAC, central SOEs involving armaments, power, machinery, construction, commerce and trade reported growth of 20 percent, while those in the sectors of telecommunications, metallurgy, mining, and petro-chemistry posted so-so growth.

SASAC figures show that Shen Hua Group Corporation Limited and China National Coal Group Corp., (Chinacoal), the country's two major coal producers, generated 293 million tons of raw coal last year, up 18.1 percent year-on-year. Shen Hua's sales topped 200 million tons and Chinacoal registered over 100 million tons last year.

Five major power enterprises including China Datang Corporation, China Power Investment Corporation and China Guodian Corporation had a combined installed generating capacity of 2.43 trillion kilowatts at the end of last year, doubling the figure for the end of 2002. They generated 1.13 trillion kilowatt-hours of electricity last year, up 17.1 percent.

Four major auto firms including the China FAW Group and Corporation and DongFeng Automobile Co., Ltd. manufactured 3.22 million autos last year, up 19.2 percent. They sold 3.2 million autos, a rise of 17.9 percent.

Central SOEs exported 277.81 billion yuan of goods last year, 40 percent higher than the previous year, according to SASAC.

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.

(Xinhua News Agency February 14, 2007)