An official data on Tuesday showed that the combined profits of China’s state-owned enterprises (SOEs) reached around 2.39 trillion yuan (about $368.94 billion) in the first half of this year, up 110% year on year. Average profit growth for the same period in 2019 and 2020 came in at 14.6%.
According to the Ministry of Finance, the centrally administered SOEs have doubled their profits year on year to nearly 1.59 trillion yuan during the period of 2019 and 2020.
The SOEs saw their total revenue rise 27.7% year on year to about 35.41 trillion yuan. The revenue of centrally administered SOEs increased 25.4% year on year to nearly 20 trillion yuan.
The data also showed that at the end of June, the debt-to-asset ratio of the country’s SOEs remained unchanged from May at 64.3%, edging down 0.2% points from the same period last year.