SOEs becoming more profitable and competitive, official says

The profitability and competitiveness of State-owned enterprises have improved significantly, as they adhere to high-quality development and make efficiency enhancement a priority, according to a senior official of the State-owned Assets Supervision and Administration Commission.

Peng Huagang, secretary-general of the commission, said at the 2019 CCTV Financial Forum held by China Media Group in Beijing on Friday that as mixed-ownership reform progresses, corporate governance has become more rational and effective, and market-based talent selection and salary distribution mechanisms have been enhanced.

During the first 10 months of this year, revenues of enterprises monitored by the national State-owned assets supervision system reached 46.7 trillion yuan ($6.69 trillion), with total profit of 2.8 trillion yuan, up 7 percent and 6 percent year-on-year, respectively, he said.

The State-owned enterprises also have achieved world-leading scientific innovation breakthroughs in fields such as manned spaceflight, deep-sea exploration, high-speed railway, ultra-high-voltage power transmission, 5G communication, and high-end equipment manufacturing.

While advancing their high-quality enterprises, SOEs also provide broad market, investment and growth opportunities for enterprises with various ownerships, as well as promote the deep integration of differently sized enterprises' industrial, supply and value chains, which give play to their complementary advantages to achieve mutual benefits, he said.

The forum, themed on how to empower high-quality development, invited dozens of senior government officials, economists and entrepreneurs to discuss related issues, including interpretation on the spirit of Central Economic Work Conference, and the forecast analysis of China's economy development in 2020.

Shen Haixiong, deputy head of the State Administration of Press, Publication, Radio, Film and Television, and head of China Media Group; Xiao Yaqing, head of the State Administration for Market Regulation; Bai Chunli, president of the Chinese Academy of Sciences; and Yan Qingmin, vice-chairman of the China Securities Regulatory Commission, attended the forum and delivered speeches.