China's central SOEs record growth in R&D spending

BEIJING — China's centrally administered State-owned enterprises (SOEs) spent more on research and development to boost innovation-driven development in the first three months of 2022, the country's top State-owned assets regulator said on April 19.

The central SOEs' total R&D input from January to March expanded 18.9 percent year-on-year to 151.42 billion yuan (about $23.76 billion), according to the State-owned Assets Supervision and Administration Commission of the State Council.

The operating profit margin of central SOEs stood at 6.8 percent during the first three months, flat with the same period last year.

Data also showed on April 19 that the production efficiency of central SOEs increased steadily. Their annualized total labor productivity was 727,000 yuan per capita in the first three months, a year-on-year increase of 13 percent.

In the January-March period, these companies raked in 9 trillion yuan in combined revenues, up 15.4 percent year-on-year. Their net profits grew 13.7 percent to 472.33 billion yuan, according to the commission.