China's Central State-owned enterprises (SOE) will pay after-tax profits to the government from the beginning of this October, according to the Ministry of Finance.

It is initiated by a State Council proposal on budgeting of State assets issued on September 14.

It is estimateed to collect 17 billion yuan (US 2.2 billion)from the after-tax profits from central SEOs in the second half of this year.

Five sectors including the petrochemical, telecommunications, coal, power and tobacco turn in 10 percent of the after-tax profits of enterprises, other central enterprises shall hand in 5 percent.

In 2006, the central State-owned enterprises made profits of 754.69 billion yuan (US 97.7 billion), 69 percent from 9 SEOs including PetroChina,China Mobile,Sinopec,China Telecommunication,China offshore Oil, Baosteel, China Shenhua, China Aluminum and National Grid.

China