BEIJING (AP) — The Chinese government says profit at state-owned companies that dominate its banking, oil and most other industries rose by as much as 25% last year as the country recovered from the coronavirus pandemic. An official of the Cabinet agency that oversees top-level government companies said total revenue rose 2.2% over 2019 to $4.7 trillion. Total profit rose 2.1% to $215 billion. The ruling Communist Party has built up such “national champions” over the past two decades, but their monopolies and multibillion-dollar subsidies prompt complaints by the public that they are a waste of money and gouge consumers with high prices.
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January 19, 2021 at 03:22PM
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Profit at Chinese state industry rises with virus recovery - WBNG-TV
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