With good momentum for growth, progress has been achieved and stability ensured in economic development. The audit results of the state-owned enterprises (SOEs) show that state owned assets management and SOE reform are further deepened, transformation and upgrading of relevant SOEs are accelerated, and industrial layout optimized.

The SOEs have been increasing income and decreasing expenditure, reducing costs and improving performance, promoting the disposal of inefficient assets, with their competitiveness and capability remarkably enhanced.

The inflated revenues of 200.16 billion yuan (29.29 billion U.S. dollars) and profits of 20.295 billion yuan of 18 SOEs revealed in the audit report were accumulated over the years, accounting for 0.8 percent and 1.7 percent respectively of their revenues and profits of the same period, the official pointed out.

Most of the problems revealed by audit have been rectified and the rectification results have been disclosed to the public, and those held accountable for wrongdoings have received severe punishments, the official added.

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