Shanghai's state-owned assets exceed 18 trillion yuan

By the end of 2017, Shanghai's total assets of state-owned enterprises exceeded 18 trillion yuan ($2.84 trillion), with the revenue reaching 3.2 trillion yuan, increasing by 7.8 percent year on year, authorities announced at a work conference on March 13.

The data shows the increasing strength of Shanghai's state-owned enterprises. Four enterprises including SAIC Motor, Shanghai Pudong Development Bank, China Pacific Insurance (Group) Co, Greenland Group were included into the 2017 Fortune 500 list.

This year the city will continue to seek improvement while maintaining stability. It will deepen innovation in state-owned assets management to drive the development of state-owned enterprise reform.

Song Yijia, director of Shanghai State-owned Assets Supervision and Administration Commission, said that they will improve the scientific evaluation system, including a return on equity and assets increment rate-focused capital return system. They will also strengthen risk control and prevention by further regulating financial businesses.

Shanghai will also encourage emerging industry companies to enter the capital market, help local companies get listed, and help them improve market value management.

Moreover, it will issue guidance for the market-oriented operation of state-owned venture capital enterprises, establish a sharing system for the belonging and interests of technological achievements and intellectual property rights, improve the operation mechanism of state-owned assets flow platform, and draw up enterprise investment supervision regulations targeting large funds, overseas investment and survival assets.

By the end of 2017, Shanghai's total assets of state-owned enterprises exceeded 18 trillion yuan, with the revenue reaching 3.2 trillion yuan, increasing 7.8 percent year on year, authorities announce at a work conference on March 13. [Photo/ eastday.com]