Reforms pay off for nation's key State companies

Central government-controlled enterprises' combined profits registered a hefty growth of 22.1 percent year-on-year in the first five months, as supply-side structural reform continues to advance and industrial upgrading fuels innovation in the economy.

The State-owned Assets Supervision and Administration Commission said in an online statement that the solid expansion reflects the stabilization of China's economy. It attributed the growth to these companies' strong supply capabilities, and substantial reductions in their cost and management expenses.

Central government-controlled enterprises give full play to their own advantages, ramp up efforts to expand their market share and increase the added value of products, with a goal to further enhance profitability and improve shareholder returns, SASAC said in the statement.