Central SOEs play a key role in promoting high-quality development: report

Central state-owned enterprises (SOEs) have been key players in the prevention and control of the COVID-19 pandemic, as well as production and operation, according to a report on central SOEs’ high-quality development.

The report released at the 4th China Enterprise Forum in Jinan, Shandong province on Sept 23 revealed that by the end of 2020, the total assets of central SOEs reached 68.81 trillion yuan ($10.65 trillion), an average annual increase of 7.7 percent.

Forty-nine central SOEs were included in the 2021 Fortune Global 500 List.

During China’s 13th Five-Year Plan (2016-20) period, central SOEs highly valued self-reliance and self-improvement in science and technology, making progress in technology and innovation mechanisms, scientific research investment, digital and smart platform construction and talent cultivation.

They also had improvements in SOE reform and promoted state-owned economic layout and structuring, which empowered their high-quality development.

The report also stressed that central SOEs should continue to focus on sci-tech self-reliance and self-improvement, innovate industrial layout and structuring and step up efforts in SOE reform to push forward high-quality development.

Also released at the forum were reports on the roles of SOEs in building a new development paradigm, promoting China’s manufacturing industry, creating a sound environment for innovation through brand-building and listed central SOEs’ situation in terms of environmental protection, social responsibility and governance (ESG).