China's SOEs see revenue up 4.3 pct in first 7 months

This aerial photo taken on July 4, 2023 shows the construction site of the China Mobile Xiong'an smart city science and innovation center at an internet industrial park in the start-up area in Xiong'an New Area, north China's Hebei Province. (Xinhua/Xing Guangli)

BEIJING, Aug. 29 (Xinhua) -- China's state-owned enterprises (SOEs) and state holding enterprises saw their revenues and profits grow in the first seven months of 2023, the Ministry of Finance said Tuesday.

Revenues hit 47.72 trillion yuan (about 6.64 trillion U.S. dollars), up 4.3 percent year on year, while profits reached 2.73 trillion yuan, an increase of 3.9 percent from a year earlier.

The companies paid 3.44 trillion yuan in taxes and fees during the period, down 2.9 percent year on year.

The asset-liability ratio of SOEs was 64.7 percent at the end of July, the ministry said.