China's State-owned enterprises saw a 23.1 percent increase in profits year-on-year from January to July, the Ministry of Finance said in a statement on Thursday.

SOEs have registered an uptick in revenues during the first seven months, as well. The total revenue generated by SOEs topped 28.9 trillion yuan ($4.3 trillion), up 16.5 percent year-on-year. Of that total, central SOEs contributed 17.2 trillion yuan, up 15.1 percent and the local ones generated 11.7 trillion yuan, up 18.7 percent.

The ministry said in the statement that the SOE profits have grown at "steady and relatively fast" rates, noting that profits were 6.6 percentage points higher than that of revenues.