(Yicai Global) July 17 -- Chinese firms that are run by the central government increased their net profits in the first half of this year as these companies accelerated restructuring efforts to become more competitive. 

Central government-led firms achieved CNY703.8 billion (USD102.4 billion) in total in net profits, up 8.6 percent from the previous year, the State-owned Assets Supervision and Administration Commission of the State Council said at a press briefing yesterday. 

These firms took heed of the government's encouragement to speed up the mixed-ownership reform this year. On July 1, China State Shipbuilding and China Shipbuilding Industry, two of China's largest ship makers, announced their plan to merge. On July 8, textile exporter China Silk transferred its entire equity to conglomerate China Poly Group without compensation. Since 2012, the number of central SOEs dropped to 96.

Central SOEs generated CNY14.5 trillion (USD2.1 trillion) in total operating income, rising 5.9 percent from the previous year. In June, they made CNY2.9 trillion, up 5.6 percent. Revenues in the sectors of transportation, power generation, mining and construction, expanded rapidly. Those of the fields of petroleum, petrochemical, metallurgy, and equipment manufacturing grew in a stable way. 

Central enterprises completed CNY966.5 billion in fixed-asset investment in the first half, an increase of 8 percent. They paid CNY1.3 trillion in taxes and fees during the period, climbing 2.7 percent from the previous year.

Editor: Emmi Laine