China's local SOEs generate 3.7t yuan added value in H1

BEIJING -- China's locally-administrated State-owned enterprises have operated steadily this year despite various challenges, according to the State-owned Assets Supervision and Administration Commission of the State Council, the country's top state assets regulator.

In the first half of this year, China's local SOEs achieved added value of 3.7 trillion yuan ($518.32 billion). Their combined fixed-asset investment reached 2.7 trillion yuan, official data showed.

During the period, research and development spending by local SOEs kept stable growth to reach 265.55 billion yuan. The increased spending came amid efforts by SOEs to accelerate scientific and technological innovation.

During a meeting earlier this year, the SASAC urged all local SOEs to strengthen the scientific and technological innovation capabilities and put in place effective mechanisms to drive innovation as a key task for this year.

In 2024, China's local SOEs achieved combined added value of 7.7 trillion yuan.