China's State-Owned Enterprises See Continued Growth In R&D Investment Exceeding USD 139 Billion

China's centrally-administered state-owned enterprises (SOEs) have consistently increased their research and development spending over the past two years. According to the State-owned Assets Supervision and Administration Commission (SASAC), these investments surpassed one trillion yuan (US$139.3 billion) annually in both 2023 and 2024. This data was shared at the 7th China Enterprise Forum held in Beijing.

The forum, which took place from Thursday to Friday, highlighted the development of new quality productive forces. During this event, reports detailing the progress of China's centrally-administered SOEs for 2024 were unveiled. These reports showcased significant advancements and growth achieved by these enterprises.

Tan Zuojun, deputy director of SASAC, stated that investment by centrally-administered SOEs in strategic emerging industries grew by 32.1% last year compared to the previous year. Revenue from these industries exceeded 10 trillion yuan (approximately US$1.4 trillion). From January to September this year, investment increased by 17.6% compared to the same period last year, making up nearly 40% of total investment by these SOEs.

In the first three quarters of 2024 alone, these enterprises invested 1.4 trillion yuan (about US$195 billion) in strategic emerging industries. This substantial investment has been crucial in fostering new quality productive forces within China.

The centrally-administered SOEs have made significant strides in several key areas, including new-generation information technology, artificial intelligence, and new-energy vehicles. These achievements underscore their commitment to advancing technological innovation and industrial transformation.

Looking ahead, SASAC plans to guide these enterprises in focusing on developing industrial chains related to new quality productive forces. The aim is to enhance efforts towards transforming technological achievements into practical industrial applications.

This ongoing commitment to research and development reflects China's dedication to fostering innovation and economic growth through its state-owned enterprises.

With inputs from WAM