China's centrally-administered state-run firms' R and D investment keeps growing: authorities

Investment in research and development by China's centrally-administrated state-owned enterprises (SOEs) has kept growing over the past two years, exceeding one trillion yuan (139.3 billion U.S. dollars) annually in both 2023 and 2024, according to the latest official data released by the State-owned Assets Supervision and Administration Commission (SASAC) at the 7th China Enterprise Forum in Beijing.

Focusing on the development of new quality productive forces, the 7th China Enterprise Forum ran from Thursday to Friday. During the forum, the 2024 development reports of China's centrally-administered SOEs were made public, highlighting recent achievements in their development.

"The research and development investment by China's centrally-administered SOEs has exceeded one trillion yuan (139.3 billion U.S. dollars) annually for two consecutive years. Last year, their investment in strategic emerging industries grew by 32.1 percent year on year, with revenues surpassing 10 trillion yuan (about 1.4 trillion U.S. dollars). From January to September this year, the investment in these industries increased by 17.6 percent compared to the same period last year, accounting for nearly 40 percent of the centrally-administered SOEs' total investment. These investments have played a key role in driving the development of new quality productive forces," said Tan Zuojun, deputy director of SASAC, in addressing the forum.

Next, the SASAC will lead the centrally-administered SOEs to focus on developing the industrial chain related to new quality productive forces, and intensify efforts to promote the transformation and industrial application of enterprises' technological achievements, Tan said.

According to the SASAC, the centrally-administered SOEs invested 1.4 trillion yuan (about 195 billion U.S. dollars) in strategic emerging industries during the first three quarters of 2024. In addition, these state-owned enterprises have made a series of important achievements in key areas such as new-generation information technology, artificial intelligence and new-energy vehicles.

China's centrally-administered state-run firms' R and D investment keeps growing: authorities

China is promoting high-level opening-up in the financial sector and welcomes foreign-invested enterprises to deepen mutually-beneficial cooperation, Vice Premier He Lifeng said in Beijing on Tuesday.

He, also a member of the Political Bureau of the Communist Party of China Central Committee, made the remarks when meeting with Andrew Schlossberg, President and Chief Executive Officer of Invesco.

Noting that China is continuing to deepen the reform of the capital market, steadily expanding the institutional opening up of the financial sector, and striving to provide high-quality financial services for economic and social development, He said that companies from all countries are welcome to continue deepening investment cooperation with China for mutual benefit and win-win results.

Schlossberg expressed his optimism about the development prospects of China's financial market, saying his company is willing to take China's further comprehensive deepening of reform as an opportunity to continue expanding cooperation with China

China welcomes foreign-invested firms deepening mutually-beneficial cooperation: vice premier