China's centrally-administered state-owned enterprises (SOEs) posted a 50.1 percent year-on-year rise in combined net profits in the first 11 months, a government official said Thursday.

Net profit of the central SOEs totaled 802.26 billion yuan (120.73 billion U.S. dollars) in the January-to-November period, said Wang Yong, head of the State-owned Assets Supervision and Administration Commission (SASAC).

Combined business revenue reached 14.9 trillion yuan in the first 11 months, up 34.7 percent from the same period a year earlier, said Wang.

From January to November, the central SOEs, with total assets of 23.9 trillion yuan, paid 1.2 trillion yuan in taxes, up 21.2 percent from the same period last year, said Wang.

He attributed the fast growth to accelerated industrial restructuring and improved innovation capabilities.