(ECNS) -- The profits of China's state-owned enterprises (SOEs) recorded stable growth in 2023, according to China's Ministry of Finance on Monday.

Total profits of China's SOEs increased 7.4 percent year on year to 4.6 trillion yuan ($650 billion) last year.

During this period , the operation revenue of China's SOEs hit 8.6 trillion Yuan, marking an increase of 3.6 percent year on year.

China's SOEs paid 5.9 trillion yuan infees and taxes in 2023, down 0.5 percent year on year.

The average debt-to-asset ratio stood at 64.6 percent at the end of last year, up 0.3 percent year on year.