China sees progress in efficiency, innovation at state-owned enterprises: official

Remarkable progress has been made in reforming China's state-owned enterprises (SOEs), leading to continuous improvement in quality and efficiency, said an official at a press conference held by the State Council Information Office in Beijing on Friday.

As of the end of 2023, the total assets of centrally administered SOEs reached 86.6 trillion yuan (about 11.95 trillion U.S. dollars), which is 2.8 times that of the end of 2012; while value added, revenue, and profits all doubled compared with the figures from 2012, said Wang Hongzhi, vice chairman of State Council's State-owned Assets Supervision and Administration Commission (SASAC).

Wang highlighted that in the past two years, centrally administered SOEs have maintained a consistent average investment exceeding one trillion yuan (approximately 138 billion U.S. dollars) in research and development. Thanks to these investments, he stressed, they have achieved notable milestones in aerospace, deep-sea exploration, energy, and transportation and made significant breakthroughs in fields like key materials and core components.

Furthermore, a total of 28 groups of 50 centrally administered SOEs have undergone strategic restructuring and professional integration. A total of 15 centrally administered SOEs have been established by or included under the regulation of the SASAC, he said.

According to the official, the systematic development of strategic emerging industries has accelerated, with a 32 percent increase in investment and a record-breaking operating income exceeding 10 trillion yuan (around 1.38 trillion U.S. dollars) in 2023.

"The reform and development of enterprises have undergone significant and transformative changes on a comprehensive scale. Unprecedented efforts have been made in technological innovation. The layout structure continues to be optimized, accelerating the pace of high-quality development. The state-owned economy has effectively played its strategic supporting role," Wang said.

China sees progress in efficiency, innovation at state-owned enterprises: official

China's top diplomat Wang Yi met with a high-level Brazilian delegation led by Rui Costa, chief of staff of the presidency, in Beijing on Thursday, calling for deepening practical cooperation between the two countries.

Wang, a member of the Political Bureau of the Communist Party of China Central Committee and director of the Office of the Central Commission for Foreign Affairs, noted that China and Brazil are the largest developing countries in the eastern and western hemispheres, respectively, with highly complementary economies, aligned development strategies and shared governance concepts. Under the new circumstances, the all-round strategic cooperation between China and Brazil not only serves the long-term and fundamental interests of the two peoples, but also sets a good example for the solidarity and coordination of countries in the Global South, Wang said. China attaches great importance to its relations with Brazil and is full of confidence in Brazil's development prospects, Wang said, adding that China is ready to work with Brazil to take the opportunity of the 50th anniversary of diplomatic ties to intensify high-level exchanges, deepen practical cooperation, enhance strategic collaboration and jointly build a community with a shared future.

Costa and the other delegation members said Brazil is willing to push for more tangible results in cooperation in various fields, such as economy, trade, finance, infrastructure, green transformation, re-industrialization, and scientific and technological innovation.

The Brazilian side is ready to enhance the strategic relationship of the two countries and push the bilateral comprehensive strategic partnership to a new level, said the delegation.

The two sides also had an in-depth exchange of views on improving global governance and agreed to safeguard the common interests of developing countries, international fairness and justice, and to become an important stabilizing force in today's turbulent world.

China's top diplomat calls for deepening China-Brazil cooperation