The profits of China's centrally administered state-owned enterprises tripled in the first quarter, hitting an all-time high for the period as the country's economy continued to recover from the fallout of the COVID-19 pandemic, the top SOE regulator announced on Friday.
In the first quarter of this year, central SOEs earned 415.3 billion yuan ($63.7 billion) in net profits, more than 200% of the amount reported for the same period last year and up 31.1% from the same period in 2019, said Peng Huaguang, secretary-general of the State-owned Assets Supervision and Administration Commission.
