China's state-owned enterprises(SOEs) reported this year's first year-on-year growth in both profits and revenues in June after the coronavirus hit, consolidating economic recovery momentum, said the finance authority on Thursday.

In June, revenues of SOEs expanded 7.1 percent, and profits rose six percent from a year ago. Also, net profit after taxes increased 7.5 percent year on year, said the Ministry of Finance. 

During the first half of 2020, SOEs' revenue declined 4.9 percent from a year ago to 27.95 trillion yuan (about 3.99 trillion U.S. dollars), compared with a 7.7-percent decrease posted in the January-May period.

Profits of SOEs fell 38.8 percent year on year during the January-June period to 1.12 trillion yuan, 13.9 percentage points slower than that in the first five months, said the ministry.

China will pay special attention to the three-year action plan for the reform of its state-owned enterprises in a bid to promote high-quality growth and innovation-driven development, according to a meeting held by the State-owned Assets Supervision and Administration Commission of the State Council on Wednesday.

Meanwhile, the country will continue to optimize the layout of state-owned assets, deepen cooperation between central and local governments, and enhance supervision to prevent risks, according to the meeting.

(Cover image via VCG)