State-owned enterprises (SOEs) were able to increase profits last month due to Beijing’s economic stimulus package, a top official said at a roundtable at the Boao Forum, the South China Morning Post reported. According to Li Rongrong, chairman of the State-owned Assets Supervision and Administration Commission (SASAC) said 170 SOEs increased their profits in March by 26% year-on-year. Earnings were also 86% higher than in February. Revenue was down 5.4% last month but was 25% higher than in February. Observers said the rise in profits could be driven by either the profits of the Big Four state-owned banks or by state-owned oil producers. Economists said that the positive increase in profits of SOEs could mean the worst of the financial downturn might be over for China.
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