SOEs mull development plans

BEIJING: China’s centrally-administered state-owned enterprises (SOEs) are making growth plans for the 14th five-year period (2021-2025), with a focus on high-quality development to underpin broader economic and social development.

The growth targets of China’s central SOEs will be specified once the country’s 14th five-year plan for economic and social development is approved by the top legislature, said Hao Peng, chief of the State-owned Assets Supervision and Administration Commission, at a press conference.

In five years, the high-quality development of the central SOEs will be further enhanced, with progress seen in their business scale and profitability, according to Hao.

The central SOEs are also expected to double their efforts in research and development to make new breakthroughs in core technologies and key industries.

Hao said industrial layout for the central SOEs will be further optimised, and their presence in strategic emerging industries would be consolidated from 2021 to 2025.

Central SOEs played a pillar role in China’s economic development. The total assets of these enterprises reached 69.1 trillion yuan (US$10.71 trillion) by the end of last year: an annual growth rate of 7.7% during the 13th Five-Year Plan period (2016-2020). — Xinhua

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