China’s State-owned Enterprises (SOEs) have made notable achievements in accelerating profitability and efficiency in 2020 with total assets of SOEs topping 218.3 trillion yuan (33.79 trillion U.S. dollars), said the country’s top state assets regulator in a press briefing on Tuesday.

Hao Peng, Director of the State-owned Assets Supervision and Administration Commission of the State Council, outlined the achievements in reforming the SOEs, particularly the central SOEs, during the 13th Five-Year Plan period (2016-2020), highlighting remarkable enhancement by SOEs in value preservation and appreciation during the period.

“Total assets of enterprises administered by the State-owned Assets Supervision and Administration Commission reached 218.3 trillion yuan (33.79 trillion U.S. dollars) at the end of last year.

In 2020, these enterprises posted 59.5 trillion yuan (9.21 trillion U.S. dollars) in their operating revenues, with total profits reaching 3.5 trillion yuan (540 billion U.S. dollars). During the 13th Five-Year Plan period, the average annualized growth rates of the above-mentioned indicators were 12.7 percent, 7.4 percent, and 10.7 percent respectively,” he said.

Hao also specified the achievements of central-administered SOEs over the past five years, indicating higher growth rate than the macro-economy during the same period in terms of accelerating profitability and efficiency.

“During the 13th Five-Year Plan period, central state-owned enterprises saw their total assets continuously surpass 50 trillion yuan (7.74 trillion U.S. dollars) and 60 trillion yuan (9.29 trillion U.S. dollars). The figure reached 69.1 trillion yuan (10.69 trillion U.S. dollars), approaching 70 trillion yuan (10.83 trillion U.S. dollars), at the end of last year, with an average annual growth rate of 7.7 percent.

In terms of incremental benefits, the centrally-administered SOEs saw 8.8 percent and 9.3 percent growths in their gross profits and net profits respectively on a yearly basis. The growths, both in terms of the scale and the efficiency, are higher than that of the macro-economy during the same period,” he said.

“During the 13th Five-Year Plan period, the productivity of central SOEs went up 7.8 percent year on year. The operating margin was up by 1.7 percentage points while asset-liability ratio down by 2.2 percentage points. It indicated smoother operation and greater competitiveness of central SOEs,” he said.

Hao said central SOEs are playing an increasing role in serving national strategies, making scientific and technological innovations, jointly building the Belt and Road, and launching projects related to people’s livelihood.