- 0% ..lareettt Jan60 An.I* Jan.I1 jao.12 Jan13 stb of Loss Listing Enterptse %M total Lai9e MMerbun Anew %kr Icons gtowth IOH61 sera. Damao 1st CPC Aresto Awe's, 35% 30% 25% 20% 15% 10% 5% 0% r Figure 16: SOEs' RoA has not picked up, despite rising debt level 60% % 5 0% 4 0% 3.0% • 2.0% 1.0%