Profits of central SOEs surge 18%

China's State-owned enterprises under central government administration posted a record high net profit of 1.11 trillion yuan ($166.94 billion) from January to September, thanks to more supply-side reforms, reducing the asset-liability ratio requirement and adding curbs on capital outflow.

The nine-month profits represent a year-on-year growth of 18.4 percent, with double-digit growth each month. Among the 98 central SOEs monitored, profits of 56 grew by more than 10 percent and 31 surged by more than 20 percent, the country's top regulator of State-owned enterprises said on Thursday.

Shen Ying, chief accountant of the State-owned Assets Supervision and Administration Commission, said central SOEs are fostering new growth engines by expanding their footprints in strategic new industries and high-tech sectors, such as digital and green economies, artificial intelligence and new energy vehicles.