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Chinese state-owned firms rake in revenue of 39.8 trillion yuan in 2023


China's central state-owned enterprises (SOEs) achieved significant financial results in 2023, with revenues reaching 39.8 trillion yuan ($5.62 trillion) for the year, according to the State-owned Assets Supervision and Administration Commission (SASAC) of the State Council on Wednesday.

Total profits of the central SOEs totaled 2.6 trillion yuan, according to Yuan Ye, the vice chairman of the SASAC, during a press briefing.

Investment in strategic emerging industries increased by 32.1 percent year on year last year, reaching 2.18 trillion yuan, while research and development investment exceeded one trillion yuan for two consecutive years.

Among the 383 listed companies controlled by central SOEs, 154 were in strategic emerging industries, accounting for more than 40 percent.

Yuan stated that this year's focus will be on promoting industrial innovation through scientific and technological advancements, accelerating the development of new productive forces and promoting new industrialization.

(Cover via CFP)

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