China's SOE profits grow at faster pace

BEIJING - Profit growth in China's State-owned enterprises (SOEs) accelerated in the first half of the year, official data showed.

Combined profits reached 1.72 trillion yuan ($253 billion) for the January-June period, up 21.1 percent year-on-year, according to the Ministry of Finance.

The pace of growth quickened from the 20.9-percent rise registered in the first five months.

SOE business revenue rose 10.2 percent to about 27.8 trillion yuan in the first six months, while their operating costs expanded 9.5 percent year-on-year to 26.7 trillion yuan.

By the end of June, total assets of SOEs reached 171 trillion yuan, up 9.4 percent from a year earlier, while liabilities climbed 8.8 percent to 111 trillion yuan.

In the first half of the year, SOEs in sectors including iron steel, oil, petrochemicals and non-ferrous metals posted dramatic profit increases, which are higher than revenue increases.