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The combined profits of China's state-owned enterprises (SOEs) surged 92.1 percent year on year to nearly 2.79 trillion yuan (about 430 billion U.S. dollars) in the first seven months of this year, official data showed on Friday. During the period, the centrally administered SOEs saw their profits increase 88.8 percent year on year to over 1.85 trillion yuan, according to the Ministry of Finance. The SOEs saw their total revenue rise 26.6 percent year on year to around 41.44 trillion yuan. The revenue of centrally administered SOEs increased by 24.9 percent year on year to nearly 23.28 trillion yuan. At the end of July, the debt-to-asset ratio of the country's SOEs came in at 64.3 percent, down 0.2 percentage points from the level seen in the same period last year, the data shows.
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