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Record profits at China's biggest SOEs show recovery's strength

Earnings of centrally administered enterprises more than triple to $63.7bn

Angang Steel expects a 362% year-on-year increase in net profit for the first quarter of this year thanks to surging demand.   © Reuters

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.

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