SCIO press conference on comprehensively promoting the high-quality development of central state-owned enterprises

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Since the 18th CPC National Congress, historic achievements have been made and historic changes have occurred in the cause of the Party and the country. What important contributions have been made by central SOEs? And what roles have they played? Thank you.

Zhang Yuzhuo:

Centrally administered SOEs are the witnesses, participants and contributors to the great changes that have been made in the cause of our Party and country in the new era. The contributions made by centrally administered SOEs can be summarized in the following five aspects:

First, important contributions have been made to the steady growth of our economy. As market and economic entities, SOEs must first shoulder their economic responsibilities and make economic contributions. Over the past 10 years, centrally administered SOEs have followed the approach of high-quality development, vigorously transformed the growth model, and significantly improved the quality and efficiency of development. The benefits brought by economy of scale have reached new heights. Central SOEs' asset value increased from 31.4 trillion yuan in 2012 to 81 trillion yuan by the end of last year. Their operating revenue increased from 22.3 trillion yuan to 39.6 trillion yuan, and their total profits increased from 1.3 trillion yuan to 2.6 trillion yuan. The efficiency of centrally administered SOEs has improved significantly. Their overall labor productivity increased from 382,000 yuan per person to 763,000 yuan per person. The contributions in tax revenue of central SOEs are also prominent. Their cumulative taxes and fees accounted for around one-seventh of the country's tax revenue, and they have transferred 1.21 trillion yuan of state capital to social security funds.

Second, important contributions have been made in industrial structural optimization and upgrading. Most of the centrally administered SOEs are in major industries that are important to the economy and people's livelihoods, and many are industry leaders. Over the past 10 years, centrally administered SOEs have focused on supply-side structural reform, adjusted stock assets, improved the allocation of incremental capital, and optimized the layout and structure, which strongly promoted the upgrading and development of the industrial system. Primary responsibilities and core businesses were highlighted. As Mr. Weng Jieming just mentioned, 49 enterprises in 27 groups were reorganized or merged through market-based approaches, and 13 enterprises were newly established or accepted as central SOEs. At the meantime, 93% of sub-enterprises were engaged in core business, and the proportion of being involved in the fields related to national security, national economy and people's livelihoods surpassed 70%.The influence in key areas of strategic importance was further increased. Meanwhile, the task of reducing backward production capacity was accelerated, and the task of resolving overcapacity in steel and other sectors was completed first. We disposed of 2,041 “zombie enterprises” and solved problems for enterprises in particular difficulty, effectively revitalizing stock assets. The deployment of emerging industries was accelerated. In the past five years, investment in emerging industries of strategic importance has grown at an average annual rate of more than 20%. The development of green and low-carbon industries was vigorously promoted. From 2012 to 2021, comprehensive energy consumption per 10,000 yuan of output value in central SOEs dropped by around 33%, and emissions of sulfur dioxide, nitrogen oxide and other pollutants all fell by more than 50%.

Third, important contributions have been made in building China into a country of innovators. Scientific and technological innovation is important to the destiny of a country. Over the past 10 years, central SOEs have always given top priority to scientific and technological innovation, strengthened policy support for assessment and capital investment, and accelerated efforts to build up China's strategic capacity in science and technology. Investment in research and development was increased. Centrally administered SOEs have invested 6.2 trillion yuan in research and development, which accounted for more than one-third of the nation's total. Last year, the investment in R&D exceeded 1 trillion yuan for the first time. The building of innovation platforms was accelerated. 764 national R&D platforms and 91 national key laboratories were set up. The number of highly skilled personnel continued to increase. Centrally administered SOEs have 1.045 million scientific and technological personnel or full-time equivalent of R&D personnel, accounting for one-fifth of the nation's total, and 231 academicians of the Chinese Academy of Sciences and the Chinese Academy of Engineering, accounting for one-seventh of the nation's total. Fruitful outcomes were achieved in innovation. Breakthroughs in core technologies were made in key areas, such as power grids, communications and energy. A series of major achievements listed in the 20th CPC National Congress report, such as manned spaceflight, lunar and Mars exploration, deep-sea and deep-earth exploration, satellite navigation, nuclear power technology, new energy technology, and large aircraft manufacturing, were all led or participated in by centrally administered SOEs.

Fourth, making important contributions to deepening reform across the board. On the one hand, the reform of state capital and SOEs has been constantly deepened. To develop the socialist market economy, the three-year action plan for the reform of SOEs has been further implemented, the modern enterprise system with distinctive Chinese characteristics has been established and improved, and the reform to convert SOEs into standard companies, relieve them of their obligations to operate social programs and resolve their other longstanding issues has been comprehensively completed. Significant breakthroughs have been made in the reform to develop market-oriented operation mechanisms, so SOEs and the market economy have been better integrated and a group of modern new SOEs have been created. On the other hand, international cooperation has been continually strengthened. Focusing on the high-quality building of the Belt and Road Initiative, international business operations have been expanded. Overseas assets involved have reached 8 trillion yuan, with over 8,000 projects distributed in over 180 countries and regions worldwide.

Fifth, making important contributions to supplying products essential to people's livelihoods and guaranteeing major events. The enterprises practiced the development philosophy of putting people at the center and actively fulfilled social responsibilities. They resolutely implemented poverty alleviation tasks, with investment and introduction of aid funds totaling nearly 100 billion yuan, and helped lifted 248 key counties included in the national plan for poverty alleviation out of poverty, accounting for 42% of the total number of targeted counties assisted by central departments and organizations. They fully participated in disaster relief, playing an important role in the fight against the COVID-19 epidemic and relieving earthquakes, floods and other major disasters. They provided high-standard services to ensure and support major events, such as the 20th CPC National Congress, the 70th anniversary of the founding of the People's Republic of China, the 100th anniversary of the founding of the CPC, and the Beijing Winter Olympics, fully demonstrating the grandeur of the Party and the country.

Moving along a new journey, we will bear in mind the country's most fundamental interests, adhere to and strengthen the Party's comprehensive leadership over SOEs, and resolutely strive to make state capital and SOEs stronger, better and bigger, making greater contributions to the building of a modern socialist country in all respects .

Thank you.

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