BEIJING — Profit growth in China’s State-owned enterprises (SOEs) accelerated in the first seven months of the year, official data showed on Aug 24.

Combined profits reached 2.02 trillion yuan ($295 billion) 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 seven months, while operating costs expanded 9.6 percent year-on-year to 31.1 trillion yuan.

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