Government plans to raise collections from SOEs. The Chinese government has planned to raise the contribution of profits from major state-owned enterprises (SOEs).

By bne IntelliNews May 16, 2010
As reported by People's Daily Online, the Ministry of Finance announced that it might raise the ratio of profits of SOEs to be submitted to the state coffers. According to existing rules, monopoly enterprises under the administration of the central government in sectors like tobacco, oil, petrochemicals, power, telecommunications and coal mining should submit 10% of their post-tax profits, while the ratio for those in the iron and steel, transportation, electronics and trade sectors should be 5%.The central government collected profits worth CNY 14bn (USD 2bn), CNY 44.4bn and CNY 98.9bn in 2007, 2008 and 2009 respectively from SOEs. In 2009 alone, the enterprises made profits totaling CNY 965.6bn.


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