China's local SOEs see growing asset in 2022

BEIJING, Jan. 12 (Xinhua) -- China's local state-owned enterprises (SOEs) saw a steady growth of assets in 2022, according to the country's top SOEs regulator.

The total assets of local SOEs reached 205.5 trillion yuan (about 30.36 trillion U.S. dollars) by the end of November 2022, up 10.1 percent year on year, the State-owned Assets Supervision and Administration Commission of the State Council said Thursday at a meeting.

Local SOEs saw their total business revenue up 8.1 percent, reaching 33.7 trillion yuan in the first 11 months of 2022.

China launched a three-year campaign in 2020 to boost the competitiveness and innovation capabilities of SOEs via reforms. The campaign ended in 2022 with its targets accomplished, the meeting noted.