President Xi Jinping has urged State-owned enterprises directly administered by the central government to better serve the overall work of the Party and the country, and support high-quality economic and social development and the improvement of people’s livelihoods, thereby contributing more to the country’s modernization drive.
Xi, who is also general secretary of the Communist Party of China Central Committee and chairman of the Central Military Commission, made the remarks in an instruction conveyed at a meeting of heads of central SOEs, which was held in Beijing on Monday and Tuesday.
In the instruction, Xi affirmed the efforts of central SOEs to actively serve national strategies, saying that they have played a pivotal role in the national economy.
On the new journey, central SOEs should focus on their primary responsibilities and core businesses to effectively enhance their core functions and competitiveness, he said.
Xi underlined the need for central SOEs to stay rooted in the real economy, strive to make breakthroughs in key and core technologies, and promote the deep integration of technological and industrial innovation.
He called for further reform to improve the modern corporate system with Chinese characteristics to build world-class enterprises.
It is essential to coordinate development and security, effectively prevent and defuse risks, and continuously strengthen the foundation for the secure development of enterprises, he added.
Xi also underscored the importance of upholding and strengthening the Party’s overall leadership over central SOEs, improving institutional frameworks, tightening supervision and resolutely combating corruption.
Premier Li Qiang attended the two-day meeting and delivered a speech. He said that during the 15th Five-Year Plan (2026-30) period, central SOEs need to provide strong support for advancing major infrastructure projects, and accelerate the upgrading of traditional infrastructure with digital and intelligent technologies.
He urged central SOEs to take the lead in ensuring the self-reliance of industrial and supply chains, develop emerging and future industries in line with their primary responsibilities and core businesses, ensure the supply of energy and resources, and enhance the resilience of the industrial chain.
Li also called on them to strengthen applied basic research and play an active role in serving major national strategies.
While emphasizing the need to further deepen reforms of State-owned capital and SOEs, Li urged the heads of central SOEs to fulfill their duties with a more proactive and enterprising spirit.
Central SOEs have maintained stable and positive growth in operational performance during the 14th Five-Year Plan (2021-25) period. Their total assets have increased from less than 70 trillion yuan ($9.9 trillion) to over 90 trillion yuan, while total profits have risen from 1.9 trillion yuan to 2.6 trillion yuan, with average annual growth rates of 7.3 percent and 8.3 percent, respectively, according to the State-owned Assets Supervision and Administration Commission of the State Council.
As central SOEs have a stronger role as key players in scientific and technological innovation, their spending on research and development has exceeded 1 trillion yuan for three consecutive years, statistics from the SASAC showed.
Sun Yongcai, chairman of CRRC Corp, China’s largest rolling stock manufacturer by production volume and a Beijing-based central SOE, said the group will accelerate the development of a “dual-track, dual-cluster” growth model spanning rail transit equipment and clean energy equipment during the 15th Five-Year Plan period, with a particular focus on promoting the commercial application of hydrogen energy technologies.
“CRRC will deepen industrial cooperation with both domestic and global partners through supply-chain collaboration to support China’s efforts to build a modern industrial system,” Sun said.
Chen Wenjian, chairman of China Railway Group, a Beijing-based railway and infrastructure project contractor said that in addition to expanding the group’s global presence, especially in markets participating in the Belt and Road Initiative, the group will sharpen its focus on integrating technological and industrial innovation to strengthen core competitiveness during the 15th Five-Year Plan period.
“We will focus on upgrading traditional sectors rather than simply expanding capacity,” Chen said. “In the construction business, this means accelerating a shift toward smarter, greener and more integrated models, with artificial intelligence deployed to deliver practical, scenario-based applications across our projects.”
Contact the writers at caodesheng@chinadaily.com.cn
