BEIJING - Chinese state-owned enterprises (SOEs) and state-controlled enterprises reported combined profits of more than 1.37 trillion yuan ($202 billion) in the first four months of 2026, representing year-on-year growth of 1.9 percent, latest government data showed Friday.

During this period, Chinese SOEs' total operating revenue came in at roughly 26.27 trillion yuan, down 0.5 percent, according to data released by the Ministry of Finance.

The SOEs' debt-to-asset ratio stood at 65.5 percent at the end of April, the data revealed.

This year's government work report released in March states that the country will formulate and implement plans for further deepening SOE and state-capital reform to refine the layout of the state-owned sector and adjust its structure.

During an inspection tour last month to Qingdao, East China's Shandong province, Chinese Vice-Premier Zhang Guoqing underscored the need to unswervingly deepen the reform of SOEs to ensure that SOEs strengthen, optimize and expand their businesses.

He urged SOEs to enhance their role as major innovators and focus on tackling scientific and technological challenges in line with national strategic needs, in order to better support the development of the innovation ecosystem in the country.