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Combined SOE profits rose 21.7 percent from a year earlier to 1.9 trillion yuan (around 9.6 billion) for January-August, the Ministry of Finance said on its website.
Companies with bad credit records will receive serious punishment, said Lian Weiliang, deputy head of the National Development and Reform Commission. "For the worst scenario, the companies could be prohibited from the market."
Companies offering benefits, people who take them subject to penalties
Companies may face some headwinds in offshore issuance. For example, the National Development and Reform Commission, or NDRC, China's top economic planner and regulator, is reportedly considering restricting short-term offshore note issuance, through which some issuers bypass the offshore issuance quota set by it in 2017.
Competition in the smartwatch market is set to intensify amid the COVID-19 pandemic as leading companies from both China and abroad are vying to produce more affordable and functional wearables to attract consumers, said analysts and experts.
