In a statement on its official website on Sunday, the Ministry of Finance of China announced that the profits of state-owned companies in the country had increased by more than double in the first quarter compared to the same period last year.
According to the agency, the profits of companies under central government control grew by 170.7% in January-March compared to the same period in 2020.
One of the factors contributing to the increase in profits was the recovery of the economy after the COVID-19 pandemic. At the same time, data on the financial performance of private companies in China have not yet been made public.
"The financial indicators of state-owned enterprises demonstrate a trend towards stable growth, which indicates a gradual improvement of the macroeconomic situation in the country," the Ministry of Finance of China reported.
