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More SOE profits will go to social security fund

By Bao Chang | | Updated: 2013-03-11 16:14

More profits from State-owned enterprises will be allocated to the national social security fund in the future, said Wang Yong, the chairman of the State-owned Assets Supervision and Administration Commission, the government's supervisor of China's 118 central SOEs.

The move is in line with the interests of the country and central SOEs, Wang said.

According to SASAC, the total profits generated by SOEs were at 1.3 trillion yuan ($209 billion) in 2012, up 2.7 percent year-on-year.

SASAC will continue to urge central SOEs not mainly engaged in the real estate business to withdraw from that sector, Wang added.

By the end of 2012, sales of commercial residential buildings owned by central SOEs accounted for 4.7 percent of the total around the country, and the proportion of the central SOEs' revenues from that area was about 5.4 percent, according to Wang.

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