China’s central government-administered state-owned enterprises are drawing up growth plans for the period of the 14th Five-Year Plan (2021-2025), with an emphasis on high-level development. quality in order to support wider economic and social development.
Growth targets for these companies will be clarified once the country’s 14th Five-Year Economic and Social Development Plan is approved by the highest legislative body, Hao Peng, head of the Property Control and Management Commission, said on Tuesday. audiences, during a press conference.
In the next five years, the high-quality development of state-owned enterprises administered by the central government will be further enhanced, with progress in terms of scale and cost-effectiveness, according to Hao.
They must also redouble their efforts in research and development in order to achieve new breakthroughs in basic technologies and key industries.
State-owned enterprises administered by the central government have long played a pillar role in China’s economic development. The total assets of these companies reached 69.1 trillion yuan (about $ 10.710 billion) at the end of last year, an annual growth rate of 7.7% during the period of the 13th Five-Year Plan ( 2016-2020).
At the same time, their total profits and net profits registered an average annual growth of 8.8% and 9.3% respectively.
