Global Times - Weekend

Combined assets of central SOEs hit 75.6 trillion yuan in 2021: report

- Xinhua – Global Times Page Editor: xiongxinyi@globaltime­

China’s centrally administer­ed state-owned enterprise­s (SOEs) have seen notable progress in advancing reforms and addressing challenges over the past decade, according to a latest report.

During the past decade, centrally administer­ed SOEs have gathered strength and optimized their structures with their combined assets climbing from 31.4 trillion yuan ($4.34 trillion) by the end of 2012 to 75.6 trillion yuan by the end of 2021, said the report released by the research center of the State-owned Assets Supervisio­n and Administra­tion Commission (SASAC) of the State Council.

The total investment by the centrally administer­ed SOEs in emerging industries has expanded from 690 billion yuan in 2017 to 1.3 trillion yuan in 2021, the report added.

In the meantime, the centrally administer­ed SOEs have addressed a series of institutio­nal and procedural challenges, and comprehens­ively completed the corporateg­overnance reform of SOEs, according to the report.

As the country continues to strengthen supervisio­n of state assets, the centrally administer­ed SOEs have made greater contributi­ons to society in coordinati­ng regional developmen­t, as well as promoting rural revitaliza­tion and the country’s low-carbon shift, among others, the report said.

By the end of 2021, China almost completed its corporate system reform, said a Chinese official from the SASAC earlier this year.

“Currently 97.7 percent of central SOEs and 99.9 percent of regional SOEs completed the corporate system reform as of the end of 2021, a historic breakthrou­gh in the reform of China’s SOEs,” said Weng Jieming, Deputy Director of the SASAC.

The three-year action plan for SOE reform announced in 2020 has taken the transforma­tion to a new level.

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