China's SOEs log revenue growth in 2022

BEIJING -- China's State-owned enterprises (SOEs) posted increased revenues last year, according to official data released Monday.

The SOEs raked in 82.6 trillion yuan ($12.2 trillion) in operating revenues in 2022, up 8.3 percent from a year ago, data from the Ministry of Finance shows.

The combined profits of SOEs decreased 5.1 percent year-on-year to 4.31 trillion yuan last year, the ministry said.

The SOEs saw their debt-to-asset ratio reach 64.4 percent as of the end of 2022, up 0.4 percentage points from the previous year, according to the ministry.

The net profits of centrally-administered SOEs climbed 5 percent year-on-year to 1.9 trillion yuan in 2022, according to data from the State-owned Assets Supervision and Administration Commission of the State Council.