China's centrally administered state-owned enterprises (SOEs) have achieved robust growth in both total assets and profits during the 14th Five-Year Plan period (2021-2025), according to the state assets regulator on Wednesday.
Zhang Yuzhuo, chairman of the State-owned Assets Supervision and Administration Commission (SASAC) of the State Council, revealed at a press conference that centrally administered SOEs' total assets have expanded from under 70 trillion yuan (about 9.86 trillion U.S. dollars) to over 90 trillion yuan, while total profits have increased from 1.9 trillion yuan to 2.6 trillion yuan. This represents average annual growth rates of 7.3 percent and 8.3 percent, respectively.
"After years of dedicated efforts, centrally administered SOEs have made substantial progress in innovation capacity," Zhang noted, highlighting that their research and development expenditures have exceeded 1 trillion yuan for three consecutive years.
Additionally, centrally administered SOEs have contributed over 10 trillion yuan in taxes and fees during this period, Zhang said.
