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Profit at Chinese state industry rises with virus recovery
by Joe McDonald, The Associated Press
Posted Jan 19, 2021 3:12 am EDT
Last Updated Jan 19, 2021 at 3:14 am EDT
BEIJING Profit at state-owned companies that dominate China’s banking, oil and most other industries rose by as much as 25% last year as the country recovered from the coronavirus pandemic, the government said Tuesday.
Total revenue for national-level companies rose 2.2% over 2019 to 30.3 trillion yuan ($4.7 trillion), according to Peng Huagang, secretary general of the State-Owned Assets Supervision and Administration Commission. Speaking at a news conference, Peng said profit rose 2.1% to 1.4 trillion yuan ($215 billion).
The ruling Communist Party has built up such “national champions” over the past two decades, but their monopolies and multibillion-dollar subsidies prompt complaints by the public that they are a waste of money and gouge consumers with high prices.
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BEIJING - Profit at state-owned companies that dominate China’s banking, oil and most other industries rose by as much as 25% last year as the country recov