China's National People's Congress (NPC) has continuously strengthened the supervision of state-owned assets and improved its management systems to promote the high-quality development of both state-owned assets and enterprises.
The State Council reported detailed information on state-owned assets to the NPC Standing Committee for the first time on October 24, 2018.
The report covered the status of state-owned assets at both the central and local levels. It also included information on financial infrastructure institutions under financial management departments, as well as financial subsidiaries held by (non-financial) central enterprise groups.
Since December 2020, the People's Congress has legalized, institutionalized, and normalized supervision of state-owned asset management.
By the end of 2023, the total state-owned assets of companies nationwide had reached 371.87 trillion yuan (about 52.42 trillion U.S. dollars), which was 3.16 times the amount in 2012.
In 2023, operating revenue reached 85.59 trillion yuan (about 12.07 trillion U.S. dollars), with profits amounting to 4.73 trillion yuan (about 670 billion U.S. dollars).
"Through the supervision of state-owned assets management, the government has been able to assess the status of state-owned assets, provide a clear report on state-owned assets to the people, enhance the management system, improve the state-owned assets management practices, and improve the level of state-owned asset management," said Zhang Yongzhi, director of the Budget Commission of the Standing Committee of the National People's Congress.
NPC continues to improve supervision over state-owned assets
