China's economy grew 11.4% in 2007, its fastest rate in 13 years. Fourth-quarter GDP growth fell to 11.2% year-on-year, however, as government tightening measures and weakening global demand began to weigh on the economy. China's state-owned enterprises benefited greatly from the country's economic strength, posting record profits totaling 1.62 trillion yuan in 2007, up 31.6% from the preceding year, China's ministry of finance reported in January. The most dramatic profit growth came from the machinery, automotive and chemical industries, with growth rates of 73%, 71% and 65% respectively.
Pages to are hidden for
"ROARING ECONOMY BOOSTS STATE-OWNED COMPANIES' PROFITS"Please download to view full document