State-owned firms' May profits rise 251.1 percent

The May profits of China's State-owned enterprises rebounded strongly from a month earlier, rising 251.1 percent, adding to the signs of economic recovery in the year's second quarter, the Ministry of Finance said on Monday.

Perhaps even more impressive, the total profits of SOEs in May represented 94.5 percent of the profits recorded a year earlier, in May 2019, the ministry said.

In addition, major indicators of SOEs' business activities from January to May showed narrower declines from a year earlier, which also were signs of a remarkable economic recovery, according to a statement released on the ministry's website.