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China's SOEs requested to hand over 5% more profit in 2011

4-Jan-2011 12:24 PM

China’s Ministry of Finance has requested the nation’s state-owned enterprises (SOEs) to hand over an additional 5% of their profit after tax to the central government in 2011 (People’s Daily, 30-Dec-2010). In 2011, Air China and China Southern Airlines will be required to transfer 10% of their profit after tax to the ministry, up from 5% in 2010. China’s SOEs are expected to report a profit of CNY1 trillion (USD151 billion) in 2010, according to the State-owned Assets Supervision and Administration Commission.