Chinese enterprises owned by the central government have achieved the fastest profit growth in five years, reaching 1.4 trillion yuan (US$220 billion) in 2017, a 15.2% rise from a year earlier, The Paper reported.

According to the latest data from the Assets Supervision and Administration Commission (SASAC), annual revenue of central-government-owned enterprises has hit 26.4 trillion yuan.

Meanwhile, the total assets of companies have reached 54.5 trillion yuan by the end of last year.

So far, the number of central-government owned enterprises under the administration of SASAC has decreased to 97, while two thirds of the firms have carried out mixed ownership reform.

The companies also played an important role in the supply-side reform by cutting overcapacity. They have resolved a total 5.95 million tons of surplus steel capacity, as well as 27.03 million tons of excess coal capacity in 2017.