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CN SASAC Symposium on SOE Operation: Fully Enhance Sci-Tech Innovation, Drive Industrial Quality Upgrades
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The State-owned Assets Supervision and Administration Commission (SASAC) of the State Council of China recently held a symposium on the economic performance of state-owned enterprises (SOEs). Zhang Yuzhuo, Party Secretary and Director of SASAC, chaired the meeting and delivered a speech emphasizing the need to strengthen analysis of macro conditions and industry trends, refine measures and contingency plans, and ensure positive profit growth in 1Q25 while maintaining stable growth throughout the year. He called for a comprehensive enhancement of technological innovation capabilities, the promotion of quality upgrades in key industries, and the deepening of the “AI+” initiative. Focus areas include fostering new quality productive forces, strengthening and addressing gaps in industrial chains, advancing infrastructure construction, and securing energy resources. Zhang urged the planning and implementation of major projects with strong traction and long-term benefits to effectively support the expansion of domestic demand. He also stressed the importance of swiftly implementing a package of incremental policies to stabilize the economy, researching ways to resolve bottlenecks hindering policy execution at the enterprise level, and continuously boosting growth momentum and development vitality. During the meeting, representatives from six SOEs - China National Petroleum Corporation, State Power Investment Corporation, CHN ENERGY Investment Group, China COSCO Shipping, China Merchants Group, and China Resources Group - delivered on-site remarks, while 15 other enterprises submitted written statements. They discussed their current operational status, highlighted challenges faced in reform and innovation, and offered policy recommendations. Zhang Yuzhuo responded to each concern raised, noting that SOEs have since the start of the year maintained a steady and positive economic trajectory, with stable growth in value-added output, total profits, and fixed asset investments, alongside consistent R&D investment intensity and debt-to-asset ratios. SASAC will place high importance on and thoroughly study the suggestions put forward by the enterprises. Building on the existing ten measures for stable growth, SASAC aims to further refine the precision and foresight of its policies and is exploring incremental measures to promote steady growth among SOEs. AAStocks Financial News |
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