China's SOEs log revenue growth in 2023

Photo taken on Feb. 21, 2020 shows a factory of China Baowu Steel Group Corporation Limited in Shanghai, east China. (Xinhua/Ding Ting)

BEIJING, Jan. 29 (Xinhua) -- China's state-owned enterprises (SOEs) posted increased revenue last year, according to official data released Monday.

These SOEs generated 85.73 trillion yuan (about 12.06 trillion U.S. dollars) in operating revenue in 2023, up 3.6 percent from a year earlier, data from the Ministry of Finance showed.

The combined profits of SOEs increased 7.4 percent year on year to 4.63 trillion yuan last year, the ministry said.

SOEs saw their debt-to-asset ratio reach 64.6 percent as of the end of 2023, up 0.3 percentage points from the previous year, according to the ministry.

These figures, which exclude financial firms, were collected from SOEs in provincial-level regions and those administered by the central government.