Chinese state-owned firms report 5 pct profit growth in H1

BEIJING, July 31 (Xinhua) -- The total profits of China's state-owned enterprises (SOEs) hit around 2.38 trillion yuan (333.49 billion U.S. dollars) in the first half of 2023, up 5 percent year on year, data released Monday by the Ministry of Finance showed.

During the period, the business revenues of Chinese SOEs reached 41.02 trillion yuan, up 4.9 percent year on year, the data showed.

A statement from the ministry on its website said that the main performance indicators regarding the SOEs showed that the state-owned businesses were recovering for the better.

The data in the monthly bulletin by the ministry targets SOEs across the country, except those in the financial sector.