China's central SOEs' profits reach 2.6 trillion yuan in 2023

The total profits of China's centrally-administered State-owned enterprises amounted to 2.6 trillion yuan ($362.36 billion) in 2023, while their operating revenue reached 39.8 trillion yuan, according to data released by the country's top state assets regulator.

The fixed-asset investment of central SOEs, including real estate, expanded 11.4 percent year-on-year to 5.09 trillion yuan last year, said Yuan Ye, vice-chairman of the State-owned Assets Supervision and Administration Commission of the State Council.

Among this, central SOEs' investment in strategic emerging industries totaled 2.18 trillion yuan in 2023, with a year-on-year growth of 32.1 percent. Their research and development expenditure amounted to 1.1 trillion yuan, reaching the trillion yuan milestone for two consecutive years.

Central SOEs will undertake specialized integration in areas such as information communication, new energy and equipment manufacturing this year, said Li Bing, SASAC's deputy secretary-general.

"This will explore new avenues, seize fresh opportunities and cultivate new advantages," said Li, adding that deepening strategic cooperation within the industrial chain ecosystem and accelerating the development level of the modern industrial system will be priorities for central SOEs in 2024.