The economic indicators for the first half of this year have shown that Stated-owned enterprises (SOEs) in the jurisdiction of the Zhejiang provincial State-owned assets and administration commission have experienced a V-shaped recovery following the COVID-19 outbreak, according to a recent conference for the SOE managers in the province.

The total operation revenue of these SOEs in H1 stood at 485.4 billion yuan ($69.8 billion), up 8.7 percent year on year. The revenue for June, in particular, was 108.17 billion yuan, up 30.9 percent year on year.

Bolstered by the acceleration of several key construction projects in the transportation and energy sectors, the total fixed asset investment of these SOEs in H1 soared by 76 percent year-on-year to 51.32 billion yuan.

"Admittedly, the COVID-19 pandemic has had a significant impact on the companies' profitability. The total profit in H1 was 14.52 billion yuan, down 33.8 percent from the previous year," said an official from the Zhejiang provincial State-owned assets and administration commission.

"However, these Zhejiang SOEs waived the province of 10.23 billion yuan worth of social costs by sacrificing their own profits; barring this effect, the total profits for these SOEs in H1 actually rose by 12.9 percent from the previous year," the official added.

Data shows that the SOEs waived the society of 7.73 billion yuan worth of highway tolls, 360 million yuan in housing rental, 95 million yuan in port operation fees and 2.05 billion yuan in energy costs over the first half of this year, alleviating the financial burden on the large group of private small and medium-sized companies in the province.