BEIJING: China’s centrally-administered state-owned enterprises (SOEs) made significant progress toward high-quality development in 2023, the State-owned Assets Supervision and Administration Commission (SASAC) announced Wednesday.
According to a report by China Central Television, Deputy Director Yuan Ye of the State-owned Assets Supervision and Administration Commission (SASAC) emphasised the significance of high-quality growth in the construction of a contemporary socialist nation. With the guidance of SASAC, central State-owned Enterprises (SOEs) were able to enhance both their quality and quantity in the previous year.
Key 2023 targets included steady profit gains, stable debt ratios, and better return on assets, RD spending, labuor productivity and cash flow. A special action plan and quarterly reviews helped SOEs meet these goals while advancing high-quality growth.
Central SOEs delivered results on both fronts – quantity and quality. Despite global headwinds, they maintained stable operations and r
evenue/profit increases. Total assets reached 86.6 trillion yuan (US$12 trillion), up 6.4 percent.
Quality also improved markedly. Average return on net assets hit 6.6 percent, generating good shareholder returns. Per capita labor productivity approached US$110,000, while operating cash flow ratio held at 10.1 percent. The overall debt-asset ratio stood at 64.8 percent, below the 65 percent threshold.
Yuan highlighted strengthened SOE development momentum in 2023. Innovation played a bigger driving role, with RD spending topping 1 trillion yuan two years straight.
Investment also powered growth, exceeding 6 trillion yuan overall. Central SOEs focused investment on high-quality expansion, national strategies and industrial modernization.
Source: Emirates News Agency