China's State-owned Assets Supervision and Administration Commission reported that central state-owned enterprises achieved steady growth in assets, profits, and taxes in 2024. Sun Tianyuan reports.
In 2024, China's central SOEs' asset scale surpassed nine trillion yuan, or over 1.2 trillion U.S. dollars, a 5.9 percent increase year-on-year. The companies contributed 10.6 trillion yuan in added value, and 2.6 trillion in tax.
YUAN YE Vice Chairman, SASAC "Many of our central enterprises outpaced industry growth, boosting overall business performance and providing critical support for confidence and stability in society."
Meanwhile, central SOEs invested 1.1 trillion yuan in research and development. Significant progress in technological innovation was also made. This includes the Chang'e-6 mission, the world's first-ever sample return mission from the far side of the moon.
Enterprises in traditional sectors are also actively expanding into new fields like new materials, bio-manufacturing, and smart vehicles.
DAI XI Head Planning and Development Bureau, SASAC "Central SOEs invested 2.7 trillion yuan in strategic emerging industries, a 21.8 percent increase, accounting for over 40 percent of total investment. Over 800 billion yuan was also spent on upgrading old equipment and driving digital and green transformations."
SUN TIANYUAN Beijing "Officials have emphasized plans to further strengthen central SOEs and enhance technological innovation this year. These efforts are expected to bolster China's economic resilience and drive high-quality development. Sun Tianyuan, CGTN, Beijing."