China's SOE profits grow at faster pace

BEIJING, Aug. 24 (Xinhua) -- Profit growth in China's state-owned enterprises (SOEs) accelerated in the first seven months of the year, official data showed Friday.

Combined profits reached 2.02 trillion yuan (about 295 billion U.S. dollars) for the January-July period, up 21.4 percent year on year, according to the Ministry of Finance.

The pace of growth quickened from the 21.1-percent rise registered in the first six months.

SOE business revenue rose 10.2 percent to about 32.3 trillion yuan in the first 7 months, while operating costs expanded 9.6 percent year-on-year to 31.1 trillion yuan.

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