China's state-owned enterprises (SOEs) witnessed accumulated revenue of 6 trillion yuan (873 billion U.S. dollars), up 19.2% year on year and achieved accumulated profits of 312 billion yuan (45 billion U.S. dollars), a year-on-year increase of 23.2%, said Shen Ying, Chief Accountant of the State-owned Assets Supervision and Administration Commission on Thursday.

According to Shen Ying, SOEs saw better major economic indicators in the first quarter of 2017 than the historical averages, which is a good start for 2017.

China National Development and Reform Commission spokesman Yan Pengcheng also briefed on Thursday the updated development of SOE ownership reform. Yan said, the ownership reform plan for the second batch of SOEs will soon be approved and the selection of third batch is to start.

NBD reporter notices, out of 102 SOEs, 91 of them saw an increase in revenue and 99 of the companies actually achieved profits.

According to analysis, revenue and profits growths for SOEs indicate that those companies have bid farewell to 6 years of capacity cutting and balance sheet adjusting and begin to enter "new cycle".

Email: gaohan@nbd.com.cn