China's SOEs post steady profit growth in first 11 months

BEIJING - Profits of Chinese State-owned enterprises (SOEs) grew steadily in the first 11 months of 2019, official data showed.

The combined profits of China's SOEs rose 5.3 percent year-on-year to 3.2 trillion yuan ($456 billion) in the period, the Ministry of Finance said on its website.

The pace edged down from the 5.4-percent increase in the first 10 months.

Centrally-administered SOEs generated a combined profit of 2.09 trillion yuan, up 7.7 percent year-on-year.

Total revenues of the SOEs reached 55.75 trillion yuan during the period, up 6.4 percent from a year earlier.

The ratio of their liabilities to assets stood at 64.4 percent by the end of November, unchanged from the same period last year, according to the ministry.