(Xinhua/Zhang Yuwei)
Chinese state companies administered by the central government have recorded strong growth, both their total assets and their profits during the period of the 14th five-year plan (2021-2025), the regulatory authority for state assets announced on Wednesday.
Zhang Yuzhuo, president of the Commission of Administration and Supervision of State Affairs of the Council of State Affairs, revealed during a press conference that the total assets of state companies administered by the central government had gone from less than 70,000 billion yuan (approximately 9,860 billion dollars) to more than 90,000 billion yuan, while the total of their profits 1.900 billion yuan at 2.600 billion yuan. This represents average annual growth rates of 7.3% and 8.3%, respectively.
“After years of sustained efforts, state -owned state -owned state companies have made substantial progress in terms of innovation capacity,” said Zhang, stressing that their research and development expenses had exceeded 1,000 billion yuan for three consecutive years.
In addition, these companies contributed more than 10,000 billion yuan in taxes during this period, added Mr. Zhang.
