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The combined profits of State-owned enterprises dropped by 26.2 percent in the first half of the year, but the rate of decline was moderating as a result of the improved economic situation, China's top asset watchdog said yesterday.

The 136 companies, largely composed of China's largest oil producers, banks, power generators, airlines and other heavyweights controlled by the central government, posted a total profit of 316 billion yuan from January to June, Li Rongrong, director of the State-owned Assets Supervision and Administration Commission (SASAC), said in Beijing yesterday.

"The decline in profit growth is within expectations," Zhao Xiao, director of the Macro Economy Department of the Economic Research Center of the SASAC, told China Daily. Last year, these State firms recorded the first ever annual decline in profits since 2002, falling by more than 30 percent year-on-year, to 665.29 billion yuan.

As most of these companies were not run to full capacity in the first half of 2009 due to slackening demand and falling product prices, it was reasonable that their profits declined, Zhao said.

China's consumer price index (CPI), a main gauge of inflation, fell 1.1 percent in the first half of this year from a year earlier. Producer price index (PPI), a major measurement of inflation at the wholesale level, dropped 5.9 percent in the first half. However, the profit decline was an improvement over the first quarter's more severe 41.8 percent contraction, said Li Rongrong. The SASAC said combined profit in June was 75.19 billion yuan, up 29.5 percent from May.

"The profitability of these State firms are largely determined by its unchallenged position as monopolies in some major industries, as well as by the entire economic situation, and therefore, when the economy recovers, their profits will go up," Zhao said.

China's 4-trillion yuan stimulus helped accelerate second-quarter economic growth to 7.9 percent over a year earlier, up from the previous quarter's 6.1 percent expansion.

As the beneficiary of this massive stimulus, State-owned firms have received a big share of the stimulus, which is meant to reduce reliance on exports by boosting domestic demand through higher spending on infrastructure.

A total of 24 central government-owned firms were listed on the Fortune 500 this year, five more than last year.

Questions:

1. The combined profits of State-owned enterprises dropped by how much in the first half of the year?

2. Last year, these State firms recorded the first ever annual decline in profits since when?

3. How many central government-owned firms were listed on the Fortune 500 this year?

Answers:

1. 26.2 percent.

2. 2002.

3. A total of 24.

（英语点津 Helen 编辑）

Brendan joined The China Daily in 2007 as a language polisher in the Language Tips Department, where he writes a regular column for Chinese English Language learners, reads audio news for listeners and anchors the weekly video news in addition to assisting with on location stories. Elsewhere he writes Op’Ed pieces with a China focus that feature in the Daily’s Website opinion section.

He received his B.A. and Post Grad Dip from Curtin University in 1997 and his Masters in Community Development and Management from Charles Darwin University in 2003. He has taught in Japan, England, Australia and most recently China. His articles have featured in the Bangkok Post, The Taipei Times, The Asia News Network and in-flight magazines.