SCIO briefing on the performance of centrally administered SOEs in Q1

The State Council Information Office held a press conference in Beijing on Monday to brief the media on the performance of state-owned enterprises managed by the central government in the first quarter of 2020. April 22, 2020

Xia Qingfeng:

Manufacturing is considered the backbone of our national economy. Central SOEs will strive to play the leading role in their respective industries and continue to work in the following three aspects, centered around the goal of ensuring every link of the industrial chain and the supply chain are in place, coordinating upstream and downstream sectors and stabilizing the industrial chain.

First, we will deepen the cooperation between upstream and downstream sectors of the industrial chain. We encourage and support central SOEs, working on market-oriented and commerce-oriented principles, to build a batch of supply and demand sharing platforms or industry resources sharing platforms that deepen cooperation among central SOEs in fields such as logistics, freight, coal and electricity price linkage. Combining national strategies and major regional development strategies, the SOEs will deeply participate in major local projects, major sectors in the distribution of productive forces and the construction of key industrial clusters so as to strengthen central and local coordination. Central SOEs will also increase cooperation with other enterprises that have ownership in the industrial chain and supply chain, and they will learn from each other in investment and equity participation, product cooperation and research and development. In these ways, we can jointly improve the stability of the industrial chain and the supply chain, rendering the industrial system more complete in range.

Second, we will speed up upgrading the industrial chain so as to make up for shortcomings. To address some of the problems exposed in the supply chain and industrial chain during the pandemic, central SOEs will accelerate transforming and upgrading these structures so as to compensate for shortcomings, close up loopholes and shore up points of weakness. In particular, the enterprises will utilize their strengths to carry out scientific and technological research and make new breakthroughs in weak fields and key areas of the industry chain. We encourage the SOEs to make good use of policies, such as the Guidelines on Promoting the Demonstration and Application of Newly-Developed Major Technological Equipment, to advance the development of locally-built key equipment. We will steadily complete mergers and acquisitions that are conducive to industrial collaboration, technology introduction, talent sharing, increasing brand value, etc., and we will strive to enhance the competitiveness and resilience of the industrial chain.

Third, we will deepen international cooperation in a more open attitude. According to statistics, over the past three years, central SOEs have invested more than 300 billion yuan overseas each year for such projects as infrastructure construction, energy resource cooperative development, capacity cooperation, technological research and development, engineering and equity investments. Central SOEs are said to have been deeply integrated into international cooperation. Upholding the concept of jointly building a community with a shared future for mankind, as proposed by General Secretary Xi Jinping, and guiding by the principle of consultation, collaboration and benefits for all, we will continue to promote business going global, keep broadening the "circle of friends," and strengthen long-term and stable cooperative relations. We will deepen international production capacity cooperation with companies from all over the world and jointly contribute to the recovery and development of the global industrial chain and supply chain. Thank you.

Xi Yanchun:

We know that central SOEs have made important contributions to epidemic prevention and control efforts. Some of the work they've done has been covered by the media, but most of their work is still unknown to the public. Therefore, I would like to take this opportunity to thank all the central SOEs that have made important contributions to the prevention and control of the pandemic. We believe that central SOEs will continue to play an important role in China's economic development. Thanks again to the two speakers, and thank you all. Today's press conference is concluded.

Translated and edited by Zhang Liying, Guo Xiaohong, Zhang Tingting, Zhang Junmian, Cui Can, He Shan, Wu Jin, Zhang Rui, DuanYaying, Li Xiao, Zhou Jing, Wang Yiming, Li Huiru, Zhu Bochen, Wang Qian, Jay Birbeck, Scott Rainen. In case of any dispute over a discrepancy, the Chinese version is deemed to prevail.

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