State-owned assets and enterprises in Shandong province performed well in the first month of this year, with major business indicators showing substantial growth, local media reported.

Official statistics show that in January, the total revenue of the 24 provincial SOEs included in the statistics hit 141.77 billion yuan ($21.93 billion), up 40.14 percent year on year, while their total cumulative profits reached 6.77 billion yuan, up 113.12 percent year on year. Their net profits stood at 4.85 billion yuan, up 131.91 percent year on year.

At the end of January, the total assets of provincial SOEs were valued at 3.73 trillion yuan, up 7.43 percent year on year.

According to the Shandong Provincial State-owned Assets Supervision and Administration Commission, local SOEs plan to put more emphasis on independent innovation capacity, deepen market-oriented reforms, improve operations and management, and continue to play a strategic supporting role in the State-owned economy.