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Profits of Chinese SOEs surge in Jan-May

Xinhua | Updated: 2021-06-23 17:45
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An employee stokes a furnace at a steel plant of Ansteel Group Co Ltd in Anshan, Northeast China's Liaoning province. [Photo/Xinhua]

BEIJING - The combined profits of China's state-owned enterprises (SOEs) surged 170 percent year-on-year to 1.79 trillion yuan ($277 billion) in the first five months of 2021, official data showed Wednesday.

Average profit growth for the same period of 2019 and 2020 came in at 13.5 percent, according to the Ministry of Finance.

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