BEIJING — The combined profits of China's State-owned enterprises (SOEs) surged 30.1 percent year-on-year to nearly 4.52 trillion yuan (about $715 billion) in 2021, official data showed on Jan 26.

The SOEs raked in 75.55 trillion yuan in their operating revenue last year, up 18.5 percent year-on-year, according to data from the Ministry of Finance.

The total profits of China's centrally-administrated SOEs rose 27 percent from a year earlier to 2.86 trillion yuan, while their operating revenue neared 41.73 trillion yuan, up 17.7 percent year-on-year.

In 2021, China's local SOEs also reported robust growth in their combined profits and revenue, which increased by 35.9 percent and 19.5 percent, respectively, the data showed.

By the end of last year, the debt-to-asset ratio of the country's SOEs came in at 63.7 percent, 0.3 percentage points higher than the previous year.