China's local state-owned enterprises maintained steady operations in 2024

BEIJING -- China's local state-owned enterprises (SOEs) maintained steady operations in 2024, marked by an increase in fixed-asset investment and profits, official data shows.

The fixed-asset investment of local SOEs totaled 7 trillion yuan ($976.22 billion) last year, an increase of 4.2 percent year-on-year, according to the State-owned Assets Supervision and Administration Commission of the State Council.

Last year, local SOEs saw their total profits reach 1.7 trillion yuan, and their total added value increase to 7.7 trillion yuan, the commission said.

Their investment in research and development exceeded 630 billion yuan, a year-on-year increase of 6.6 percent.