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News from China
Chinese state firms report solid profit growth
28th March 2018

 Chinese state-owned enterprises (SOEs) reported solid profit growth in the first two months of 2018 as the economy kicked off the year with better-than-expected performance, official data showed Wednesday.

 
Combined SOE profits rose 25.3 percent year on year to 367.3 billion yuan (around US$58.5 billion) for the January-February period, the Ministry of Finance said.
 
The growth was higher than the 23.5-percent increase seen in 2017.
 
SOE business revenue totaled 8.3 trillion yuan during the period, up 11.2 percent from a year earlier. Operating costs went up 10.6 percent to 8.1 trillion yuan.
 
By the end of February, total SOE assets stood at 163.6 trillion yuan, while their liabilities reached 107 trillion yuan, up 9.7 percent and 9.3 percent, respectively.
 
 SOEs in petrochemical, steel and power generation enjoyed relatively large profit increases, but non-ferrous metal firms suffered significant declines.
 
China has thousands of SOEs, but many have stagnated due to lack of competition. The government is improving their performance through a series of reforms, moving toward mixed ownership and market-oriented management.
 
China has undertaken several rounds of mixed-ownership reform, including one covering telecom giant China Unicom, to bring in private investment mainly by issuing shares.
 
Earlier this month, policymakers vowed to make Chinese SOEs front runners in pursuing high-quality development through reform and innovation.
 
China welcomes all types of enterprises, including foreign ones, to participate in mixed-ownership reform of SOEs, the state assets regulator has said.
 
Source: Shanghai Daily, March 28, 2018
China industrial profits up 16.1% in Jan-Feb
27th March 2018

 hina's major industrial firms saw stronger profit growth in the first two months of this year, the National Bureau of Statistics (NBS) said on Tuesday.

 
Industrial companies respectively with annual revenue of more than 20 million yuan (about US$3.2 million) reported profits of 969 billion yuan in the first two months, a 16.1-percent increase from a year earlier, the NBS said in a statement.
 
The reading was 5.3 percentage points higher than the growth registered in December, according to the NBS.
 
Among the 41 industries surveyed, 29 posted year-on-year profit growth during January- February period.
 
Industries like pharmaceuticals, coal mining and textiles all reported faster growth during the two-month period, said the NBS.
 
NBS statistician He Ping attributed the profit growth to improved profitability and reduced costs.
 
"While industrial profits maintained rapid growth, improvements were made in efficiency and profitability," He said.
 
In the first two months, costs per 100 yuan of revenue dropped 0.33 yuan from the same period last year, according to He.
 
He mentioned that the leverage ratio in Chinese industrial enterprises also fell. By the end of February, their debt-asset ratio dropped 0.8 percentage points from a year ago to 56.3 percent. 
 
Source: Shanghai Daily, March 27, 2018
Beijing tackles water shortage, pollution
26th March 2018

 Beijing will clean all polluted rivers and ponds by the end of this year.

 
According to the Beijing Water Authority, there were previously about 140 polluted rivers in the city, 57 of which have been cleaned already. The rest will be cleaned by this year end.
 
Beijing has built or renovated 50 water treatment facilities in the past few years. The city uses over one billion cubic meters of recycled water every year.
 
Beijing is perennially troubled with water shortage. From 2014, the capital has received more than 3.22 billion cubic meters of water through the middle route of the south-to-north water diversion project.
 
The diversion route begins at the Danjiangkou Reservoir in central China's Hubei Province and runs across Henan and Hebei provinces before reaching Beijing and Tianjin.
 
Beijing has appointed more than 5,900 river chiefs, to oversee water conservation at different administrative levels.
 
A week of saving water began in China began on March 22, World Water Day.  
Source: Shanghai Daily, March 26, 2018
Schneider Electric to hire another 2,300 professionals in China
23rd March 2018

 France-based industrial group Schneider Electric plans to hire another 2,300 professionals in China this year, up from 2,000 last year in a move to enrich its talent pool in digital, healthcare and smart building areas.

 
The plan is to bolster the group's digital transformation in all of its business sectors, especially healthcare and smart building.
 
"We need a new generation of professionals who have a mindset of digitalization,” said Olivier Blum,the group's chief human resources officer and executive vice president. 
 
He mentioned the group’s Chinese employees are five to six years younger than those in Europe and North America on average, thanks to larger talent pools and faster digital development in this country.
 
China has been Schneider Electric’s "fastest growing market” where Schneider Electric will both expand recruitment and promote more local employees to enhance Chinese employees’ voice in line with the region’s importance, Blum said.
Source: Shanghai Daily, March 23, 2018

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