China's local SOEs witness business revenue growth in 2023

BEIJING, Jan. 12 (Xinhua) -- China's local state-owned enterprises (SOEs) saw business revenue steadily grow in 2023, according to the country's top state assets regulator.

The total business revenue of local SOEs reached 35.6 trillion yuan (about 5.01 trillion U.S. dollars) by the end of November 2023, up 5.9 percent year on year, the State-owned Assets Supervision and Administration Commission of the State Council said Friday at a meeting.

Local SOEs saw their total profits increase by 6.4 percent year on year, reaching 1.6 trillion yuan in the first 11 months of 2023. Meanwhile, the total added-value of local SOEs increased 3.5 percent year on year to 6.5 trillion yuan.

In the first 11 months of last year, the fixed-asset investment of local SOEs hit 4.9 trillion yuan, marking a 4.5 percent increase year on year. During the same period, their R&D spending soared 16.7 percent year on year to over 480 billion yuan.

Economic performance of local SOEs has improved significantly, which has strongly strengthened the country's economic recovery, the meeting noted.