China's state-owned enterprises under central government control made fixed asset investments worth 1.055 trillion yuan (131.88 billion U.S. dollars) in the first 11 months of 2006, up 29.5 percent year on year, said a senior official with the State-owned Assets Supervision and Administration Commission (SASAC).

Li Rongrong, director of SASAC, said that petroleum and chemical companies, electricity companies and telecom firms accounted for 85 percent of the total investment.

SOEs have made great progress in restructuring and in upgrading their technology, according to Li.

Li said that SOEs under central government control were developing well. During the January-November period in 2006, they chalked up profits of 688.77 billion yuan, up 21.8 percent on 2005.

Source: Xinhua