China vows to improve management, supervision over State-owned assets

BEIJING — Great efforts should be made to improve the management system of State-owned assets and make the State-owned enterprises and businesses develop and grow stronger, said Hao Peng, chief of the State-owned Assets Supervision and Administration Commission (SASAC) of the State Council.

"It is necessary to keep improving the system of State-owned assets management and speed up construction of an overall mechanism for management and supervision over State-owned assets," said Hao, while addressing a recent forum held in Beijing, with attendance of local officials in charge of the State-owned assets supervision and administration.

In recent years, China has constantly improved the management system of State-owned assets, and the supervision over State-owned assets has been strengthened, with the responsibility for maintaining and increasing the value of State-owned assets efficiently implemented, said Hao.

From 2013 to 2018, the total assets of the enterprises under the supervision of the SASAC surged from 85.4 trillion yuan (about $12.4 trillion) to 180.7 trillion yuan, with an annual growth rate of 16.2 percent.

During the period, the operating revenue of those enterprises increased by 13.4 trillion yuan to 55.4 trillion yuan in 2018, while their combined profits jumped to 3.4 trillion yuan last year.