China's State Assets Supervision and Administration Commission of the State Council (SASAC) predicted in a financial report for major Chinese state-owned enterprises (SOE) released in Beijing Wednesday that the business income and profit of the major SOEs would exceed 5.3 trillion and 400 billion yuan (about 646.3 and 48.19 billion US dollars) by the end of this year.

According to the report, the major Chinese SOEs pulled in a business income of 3.5 trillion yuan in the first eight months of this year, an increase of 28 percent over the same time of last year.

The total cost for the SOEs grew 26.8 percent during the period,however, 1.2 percentage points lower than last year.

The SOEs made an cumulative profit of 320.32 billion yuan, 45.6percent higher than that of the same time of last year. Growth in the transportation, service, mining and electronics sectors doubled, the report says.

Source: Xinhua]