China will strive to make breakthroughs in strengthening, improving and expanding state-owned enterprises (SOEs) and state capital during the 15th Five-Year Plan period (2026-2030), Zhang Yuzhuo, chairman of the State-owned Assets Supervision and Administration Commission of the State Council, said on Thursday.
In an interview after the opening meeting of the fourth session of the 14th National People's Congress (NPC) at the Great Hall of the People in Beijing, Zhang briefed the media on deepening the reform of the SOEs and state capital.
During the 14th Five-Year Plan period (2021-2025), the total assets of China's centrally administered SOEs expanded from less than 70 trillion yuan (about 10 trillion U.S. dollars) to over 90 trillion yuan, while the total profits increased by 56.2 percent compared with that in the previous five-year plan period, said Zhang.
To help the SOEs and state capital get stronger, perform better, and grow bigger in the 15th Five-Year Plan period, new breakthroughs should be made in three aspects, including steering state capital towards major industries and key fields, furthering reform of mechanisms to invigorate SOEs, and enhancing effectiveness of management mechanisms and supervisions, the official said.
"We will steer more state capital towards three aspects: major industries and key fields that are vital to national security and serve as the lifeblood of the national economy; sectors such as public services, emergency response, and public welfare, which concern our country's prosperity and our people's wellbeing; and forward-looking and strategic emerging industries. By doing these, we aim to further strengthen the state-owned sector's function of serving national strategies, its ability to serve the people, and its capacity to enhance layout in sci-tech innovation," said Zhang.
China strives to make breakthroughs in strengthening, improving, expanding state-owned enterprises, state capital: official
