China’s central government-owned firms should strictly control debt investments and high-risk businesses in global operations, the country’s state assets regulator said on Monday.
Centrally-owned firms have cut 16 million tonnes of steel capacity and 62 million tonnes of coal capacity so far, spokesman Peng Huagang told a news briefing.
Total profit from China’s central government-owned firms for the first three months of 2018 rose 20.9 percent from a year earlier to 377.06 billion yuan ($60.11 billion), it was also reported on Monday.
For March, profit rose 17.8 percent on-year to 169.87 billion yuan, according to preliminary details provided by the State Assets Supervision and Administration Commission (SASAC) before a briefing in Beijing.
The average debt-to-assets ratio is at 65.9 percent at end-March, 0.4 percentage point lower compared with the beginning of this year, SASAC said.
The regulator will complete coal overcapacity cuts and firmly deal with “zombie firms,” SASAC added.
Link to the source of information: www.cnbc.com
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