The State-owned Assets Supervision and Administration Commission (SASAC) of China has announced that investment in research and development (R&D) by centrally-administered state-owned enterprises (SOEs) in the country has been continuously increasing over the past two years, reaching over one trillion yuan (equivalent to 139.3 billion U.S. dollars) annually in 2023 and 2024.
According to
Amac News: Citing the China Central Television (CCTV), this information was presented according to the latest official data published by SASAC at the 7th meeting of Chinese companies in Beijing.
Tan Zuojun, the deputy director of SASAC, stated at the meeting: "Investment in research and development by China's SOEs has exceeded one trillion yuan (139.3 billion U.S. dollars) for two consecutive years. Last year, their investment in strategic emerging industries grew by 32.1 percent compared to the previous year, with revenues surpassing 10 trillion yuan (about 1.4 trillion U.S. dollars)."
He added that from January to September this year, investment in these industries increased by 17.6 percent compared to the same period last year, accounting for nearly 40 percent of all investments by centrally managed SOEs.
According to SASAC, centrally managed SOEs have invested 1.4 trillion yuan (about US$195 billion) in strategic innovation industries in the first quarter of 2024.
In addition, these state-owned enterprises have made significant achievements in key areas such as next-generation information technology, artificial intelligence, and new energy vehicles.
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