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Commission releases report on social responsibility of SOEs

Writer:   | Editor: Lily A  | From:  | Updated: 2018-01-16

THE city’s State-owned assets supervision and administration commission published a report on the social responsibility of the State-owned enterprises (SOEs) in Shenzhen in 2017 yesterday, marking the first time that such a report has been released by a State-owned assets supervision and administration commission in the country.

The report highlights how the city’s SOEs had enhanced their core competitiveness in serving Shenzhen, the city’s development and the people’s livelihood, as well as what endeavors the SOEs had made in contributing to the supply-side structural reform and the innovative development of these enterprises.

There are more than 1,500 SOEs in Shenzhen, 1,461 of which are wholly owned by the State or of which the State holds a majority of shares, according to the report. The proportion of State-owned enterprises with mixed ownership is more than 75 percent, and the securitization rate of assets is more than 50 percent, all taking the lead in the country.

In the last calendar year, the city’s SOEs reported a revenue of 400.52 billion yuan (US$62 billion), an increase of 249.63 billion yuan, or 165.4 percent, year on year. Total profit was 86.16 billion yuan, up 52.19 billion yuan from the same period in the previous year and a year-on-year increase of 153.6 percent.

The total amount of tax paid by these enterprises totaled 70.54 billion yuan, an increase of 44.49 billion yuan from the same period a year ago and an increase of 170.8 percent.

Shenzhen will allocate some 25 percent of State-owned assets this year to support and safeguard the people’s livelihood and social development. The ratio will be raised to 30 percent by 2020.

(SD News)