BEIJING - China's State-owned enterprises (SOEs) and state holding enterprises saw their revenues and profits grow in the first seven months of 2023, the Ministry of Finance said Tuesday.

Revenues hit 47.72 trillion yuan ($6.64 trillion ), up 4.3 percent year-on-year, while profits reached 2.73 trillion yuan, an increase of 3.9 percent from a year earlier.

The companies paid 3.44 trillion yuan in taxes and fees during the period, down 2.9 percent year-on-year.

The asset-liability ratio of SOEs was 64.7 percent at the end of July, the ministry said.