Chinese SOEs' profits continue strong rally

Technicians check liquefied natural gas facilities in Nantong, Jiangsu province. [Photo by Xu Congjun/For China Daily]

BEIJING - Profits of China's State-owned enterprises (SOEs) continued to grow steadily in the first eight months of this year, but at a slower pace, data showed Wednesday.

Combined profits reached 2.3 trillion yuan ($35 billion) for the January-August period, up 20.7 percent year-on-year, according to the Ministry of Finance.

The pace of growth was slower than the 21.4 percent rise registered in the January-July period.

SOE business revenue rose 10.3 percent to over 37 trillion yuan in the first eight months, while operating costs expanded 9.7 percent year-on-year to 35.57 trillion yuan.

By the end of August, total SOE assets had reached 173.88 trillion yuan, up 8.4 percent from a year earlier, while liabilities had climbed 7.6 percent to 112.83 trillion yuan.

SOEs in sectors including steel, oil, petrochemicals, non-ferrous metals and coal posted stronger profit increases in the said period.