State-owned enterprises to invest over RMB 3 tn in upgrades

Over the next five years, central state-owned enterprises (SOEs) are expected to allocate a total investment of more than RMB 3 trillion for large-scale equipment upgrades and renovations, said Liu Shaowei, Director of the Financial Supervision and Operation Evaluation Bureau of the State-owned Assets Supervision and Administration Commission of the State Council (SASAC).

Liu stated that SASAC recently held a meeting to advance large-scale equipment upgrades for central SOEs, the aim is to guide these enterprises to take the lead in accelerating the renewal of advanced facilities, digital transformation, enhancing safety, and strengthening effective supply.

Liu highlighted the need to expedite the replacement and upgrading of outdated and technologically backward production facilities and equipment to advanced ones. She said there is a focus on promoting green equipment to reduce pollution and carbon emissions, enhancing the monitoring and management of potential hazards, improving the prediction and prevention of accidents and disasters, and developing new types of devices and equipment to advance applications in various fields such as industrial machinery, agriculture, healthcare, and education.

Wang Hongzhi, Deputy Director of SASAC, stated that central SOEs have completed the restructuring and integration of 28 groups involving 50 companies, and have newly formed and received 15 central enterprises. Significant progress has been in promoting the high-end, intelligent, and green development of traditional industries and accelerating the systematic layout of strategic emerging industries.

In 2023, the investment growth rate in strategic emerging industries reached 32%, with operating revenue surpassing RMB 10 trillion for the first time. The control and influence of the SOE in key industries and areas have been further strengthened, and new competitive advantages are rapidly emerging, according to Wang.