Technological innovation "top task" of China's central SOEs: official

BEIJING, July 26 (Xinhua) -- China's centrally-administered state-owned enterprises (SOEs) have prioritized technological innovation as their "top task," leading to increased research investments and multiple breakthroughs over the past years, an official said Friday.

Wang Hongzhi, deputy head of the State-owned Assets Supervision and Administration Commission (SASAC) of the State Council, told a press conference that the R&D investment of central SOEs expanded by 14.5 percent on average each year from 2016 to 2020.

In the past two years, their annual investments have exceeded 1 trillion yuan (about 140 billion U.S. dollars) and notable achievements have been made in aerospace, deep-sea exploration, energy and transportation, Wang said.

China has stepped up efforts to boost the innovation prowess of its state firms. These SOEs have actively promoted the high-end, intelligent and green development of traditional industries while accelerating the building of a systematic layout for strategic emerging industries. In 2023, investments in strategic emerging industries surged by 32 percent year on year.

On Wednesday, the SASAC honored 26 SOEs for their leading role in science and technology innovation. Among the recipients were China Mobile, China National Nuclear Corporation, and Commercial Aircraft Corporation of China, Ltd.

Over the next five years, central SOEs will allocate over 3 trillion yuan for large-scale equipment upgrades to keep pace with the new round of technological and industrial revolution, Liu Shaowei, another SASAC official, said Friday.