China's SOEs speed up going abroad: report

Xiao Yaqing, Chairman of State-owned Assets Supervision and Administration Commission (SASAC), gestures during a press conference at the Fourth Session of the 12th National People's Congress (NPC), in Beijing, 12 March 2016. [Photo/IC]

BEIJING -- China's State-owned enterprises (SOEs) are accelerating the pace in developing overseas businesses, according to a report delivered to the country's top legislature Thursday.

SOEs, especially centrally-administered SOEs, have become the major force of China ready to compete on an international scale, according to the report, which was delivered by Xiao Yaqing, head of the State-Owned Assets Supervision and Administration Commission of the State Council (SASAC).

Overseas investment of China's centrally-administered SOEs accounts for 60 percent of the country's total non-financial foreign direct investment, and the turnover of foreign contracted projects accounted for 60 percent of the total turnover of foreign contracted projects of China, Xiao said.

SOEs' overseas businesses have expanded from exploitation of energy and mineral products to high-speed railways, nuclear power plants and ultra high voltage (UHV) electricity transmission, according to the report submitted to the National People's Congress Standing Committee during its bi-monthly session.

Xiao said SOEs achieved some major breakthroughs in research and development, including the fourth-generation mobile communication, UHV transmission, high-speed railways, deep-sea exploration, and others.

He said the country will deepen reform in this sector and improve the quality and efficiency of SOEs.