Tax growth slows for China's central SOEs

The growth of taxes turned over by centrally administered state-owned enterprises (SOEs) has been slowing this year, as profits have dropped amid the economic slowdown.

Centrally administered SOEs paid 1.7 trillion yuan (270.27 billion U.S. dollars) in taxes from January to November, data released by the State-owned Assets Supervision and Administration Commission of the State Council (SASAC) showed on Wednesday.

The figure marked an increase of 12.8 percent from a year earlier and was three percentage points higher than the growth of national tax revenues in the same period, the data showed.

However, it was down from 24.5 percent in the first four months and 13.8 percent in the first seven months.

In the first 11 months, all SASAC-supervised SOEs turned over a total of 2.5 trillion yuan in taxes, a rise of 11.5 percent year on year, according to the data.

The latest figures from the Ministry of Finance showed that profits at centrally administered SOEs declined 2.7 percent year on year to 1.09 trillion yuan in the first 11 months.