Investor sentiment toward China may have eased following recent releases of more positive economic data, but returns at state-owned firms aren’t among them.

近期发布的中国经济数据偏于利好，投资者对中国的担忧情绪有所缓解，但中国国有企业的利润并不在这些利好消息当中。

Total profits realised at China’s state-owned enterprises fell 13.8 per cent year-on-year in the first quarter to Rmb432bn, according to new figures released today by the Ministry of Finance that showed the rate of profit decline at state firms nationwide steeper in the first quarter compared to an annual fall of 6.7 per cent in 2015. Total operating revenue at state firms also fell 3 per cent year on year to Rmb9.95tn.

中国财政部今日发布的最新数据显示，今年首季度国企利润总额为4323亿元人民币，同比下降13.8%。与2015年6.7%的年降幅相比，2016年首季度国企利润降幅更大。国企营业总收入为9.95万亿元人民币，同比下降3%。

The ministry noted the petrochemicals and pharmaceutical industries had seen comparatively large profit gains, but acknowledged that petroleum, coal, steel and nonferrous metals industries had all sustained losses in the first quarter.

中国财政部指出，石化、医药等行业实现利润同比增幅较大，但石油、煤炭、钢铁和有色等行业在首季度全都出现亏损。

Performance also differed between local and central government enterprises. Operating revenue at firms owned and administered directly by the central government fell at a quicker clip of 4.6 per cent per cent year-on-year to Rmb6.14tn, while profits realised were down 13.2 per cent compared to the same period a year earlier.

地方国企与央企的表现也存在差异。中央政府拥有并直接管理的企业的营收降速较快，同比下降4.6%，至6.14万亿元人民币，实现的利润同比下降13.2%。

State enterprises under the control of China’s localities – which last year saw bond issuance sky-rocket under a debt swap program – experienced a less severe drop in operating revenue in the first quarter to Rmb3.8tn, down only 0.1 per cent year-on-year. But profits realised by local government-owned enterprises fell far more sharply, down 15.8 per cent to Rmb92.4bn.

地方国企去年依据债务置换计划发行了大量债券，今年首季度营收降幅较小，同比下降仅0.1%，至3.8万亿元人民币。但实现利润的下降要剧烈得多，同比下降了15.8%，至924.2亿元人民币。