China’s SOEs post steady revenue growth in first eight months

China‘s state-owned enterprises (SOEs) saw increased revenue and smaller profit drop in the first eight months of this year, official data showed.

The SOEs raked in 52.35 trillion yuan (about 7.37 trillion U.S. dollars) in operating revenue in the January-August period, 9.5 percent higher than the same period last year, according to data from the Ministry of Finance.

The combined profits of SOEs declined 1.5 percent year on year, narrowing from the 2.1 percent fall in the first seven months.

The data also showed that total profits of China’s centrally administered SOEs rose 4.7 percent from a year earlier to about 2.16 trillion yuan.

Source: Xinhua

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