An elderly woman wears her mask near a view overlooking the Forbidden City from Jingshan park during a snow day in Beijing, Jan 19, 2021. BEIJING: Profit at state-owned companies that dominate China's banking, oil and most other industries rose by as much as 25 per cent last year as the country recovered from the coronavirus pandemic, the government said on Tuesday .
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. SASAC companies also dominate air travel, insurance, securities, shipping, Internet access, power generation, construction, nuclear power technology and coal and steel production.Chinese industries benefited from the economy's relatively early reopening starting in March after the ruling party declared victory over the virus that emerged in the central city of Wuhan in late 2019.Total economic activity rose 2.
Total profit at top state-owned companies grew by at least double digits over a year earlier in each month after June, according to Peng.