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Profits by China's 98 major central......>
CHINA DATA: Profits by China's 98 major central state-owned companies (SOEs) in
2017 increased by the most in 5 yrs, Shen Ying, a spokeswoman of the State-owned
Assets Supervision & Administration Commission, told reporters Weds.
- Central SOEs' combined profits in 2017 rose by 15.2% y/y to CNY1.42tln.
- Traditional sectors inc petrochemical, steel & coal returned to profitability
- Modern manufacturing/services added to 40% overall returns of central SOEs
- SOEs have completed its process of reducing excess capacity in steel
production; will focus on shrinking coal capacity by 10mln tons in 2018.
- SOEs reduced overall leverage by 0.4 percentage point in 2017 y/y.
- No default on bonds by SOEs in 2017.
***TAKEAWAY: SOEs enjoys supports after President Xi Jinping called on SOEs to
be "bigger and stronger." China for last 2-yrs initiated an environmental
protection drive & curtailed industrial production capacities. These moves
spurred higher prices of everything from coal to steel, which benefit SOEs. Shen
signaled China won't go further with cutting steel capacity. That will likely
cause more friction with key trading partners like the U.S. and EU.
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.