Chinese SOEs saw 23.5 percent profit growth last year thanks to continued reform to boost efficiency and vitality, official data showed.

SOE reform, aimed at improving efficiency and competitiveness through innovation, remains a priority for local governments this year. The southern coastal city of Shenzhen, Guangdong Province, has targeted growth of 9 percent or more in the total profit of municipal SOEs this year.

The city will comprehensively push ahead mixed ownership reform this year and develop first-class enterprises with global influence, according to Peng Haibin, director of the Shenzhen State-owned Assets Supervision and Administration Commission.

In northeast China, progress in SOE reform has bolstered the economy in the old industrial base which has experienced difficulties in recent years.

In Liaoning Province, Liaoyang Petrochemical Company reported profit for the first time in 13 years in 2017 and Ansteel Group also turned losses into profit last year.

After dealing with zombie businesses, Ansteel ended losses for the past five consecutive years and achieved profit of 1.5 billion yuan (237 million U.S. dollars) in 2017.

"The cutting of low-efficiency production capacity has provided room for Ansteel's shift from survival to development," said Yao Lin, general manager of Ansteel.

It is important to build a diversified shareholding structure, accelerate innovation, and foster high-end talent for better development of firms, said Dai Jishuang, chairperson of state-owned Shenyang Blower Works Group in Liaoning.

【国内英语资讯:China Focus: Profits gain as local SOEs deepen reform】相关文章：

★ 石原慎太郎将辞去东京都知事一职

★ 台风在菲律宾造成的遇难人数不断增加

★ 巴菲特投资太阳能

★ 为何达成财政悬崖协议如此艰难？

★ 联想智能手机销量大增 机遇与挑战并存

★ 国际电信世界大会召开 互联网规则成焦点

★ 保险公司反对监管机构改革计划

★ 美国应向华为敞开大门

★ FT社评：意大利需要蒙蒂

★ 双语阅读：法厄同