A China Mobile employee adjusts and tests 5G base station equipment at Tongling Railway Station in East China's Anhui Province on April 27. Photo: cnsphoto

China's centrally administered state-owned enterprises (SOEs) achieved stable operations in the first quarter with a year-on-year increase of 15.4 percent in operating income of 9 trillion yuan ($141 billion) despite challenges, official data showed. 

The SOEs' first-quarter net profit reached 472.3 billion yuan, up 13.7 percent, Peng Huagang, a spokesperson of the State-owned Assets Supervision and Administration Commission of the State Council (SASAC) said at a press conference on Tuesday. 

The remarkable results contributed significantly to stabilizing China's economic development by increasing production and tax revenues while further expanding investment and supporting small and medium-sized enterprises (SMEs), said Peng. 

Peng noted that state-owned energy enterprises increased supply and stabilized prices. Output of crude oil, natural gas, and coal increased by 4.2 percent, 6.5 percent and 8.7 percent, respectively. 

SOEs paid 734.8 billion yuan in taxes and fees in the first quarter, up 20.9 percent. 

Although the overall performance of SOEs in the first quarter remained stable, they faced downward pressure and many difficulties and challenges, Peng said in response to media questions.

Growth rates for the operating income and net profits of SOEs declined year-on-year in March. The production and operation of many industries and enterprises encountered obstacles and experienced continuous losses, affected by the surging costs of raw materials, disruptions in supply chains and declining orders. 

Peng stressed the importance of keeping risks involving debt, operations and production under control. 

SOEs have been working non-stop in order to fully guarantee basic supplies and smooth logistics and promote the stability of the supply chain in the Yangtze River Delta region as Shanghai battles the latest COVID-19 outbreaks.

For instance, SOEs including China Merchants Group have transported more than 87,000 tons of epidemic prevention materials by water in the region. 

Companies such as China COSCO Shipping Corp have taken measures to ensure the normal import and export of commodities by offering 31,000 standard containers for manufacturers on cargo ships and providing flexible options for transportation from land to water at 55 ports along the Yangtze River. 

Global Times