In vision-language pre-training (VLP), masked image modeling (MIM) has recently been introduced for fine-grained cross-modal alignment. However, in most existing methods, the reconstruction targets for MIM lack high-level semantics, and text is not sufficiently involved in masked modeling. These two drawbacks limit the effect of MIM in facilitating cross-modal semantic alignment. In this work, we propose a semantics-enhanced cross-modal MIM framework (SemMIM) for vision-language representation learning. Specifically, to provide more semantically meaningful supervision for MIM, we propose a local semantics enhancing approach, which harvest high-level semantics from global image features via self-supervised agreement learning and transfer them to local patch encodings by sharing the encoding space. Moreover, to achieve deep involvement of text during the entire MIM process, we propose a text-guided masking strategy and devise an efficient way of injecting textual information in both masked modeling and reconstruction target acquisition. Experimental results validate that our method improves the effectiveness of the MIM task in facilitating cross-modal semantic alignment. Compared to previous VLP models with similar model size and data scale, our SemMIM model achieves state-of-the-art or competitive performance on multiple downstream vision-language tasks.