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China says to increase state firms' payout of profits: newspaper

05-12-2010 15:49 BJT

BEIJING, May 12 (Xinhua) -- The Chinese government will collect more from state-owned enterprises' profits as the current payout level was "too low," the China Securities Journal reported Wednesday, citing a statement from the Ministry of Finance.

The current profit payout level of 5 to 10 percent was not great enough to curb blind investments made by state firms, the ministry said.

China collected 98.87 billion yuan (14.5 billion U.S. dollars) from state firms' profits in 2009, up from 44.36 billion yuan in 2008 and 13.99 billion yuan in 2007.

Editor:Zhang Jingya |Source: Xinhua

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