Central SOEs Invest 1.4 Trln Yuan in Emerging Industries in Q1-Q3

A report from Xinhua on Oct. 24th, 2024:

The investment of China’s centrally administrated state-owned enterprises (SOEs) in strategic emerging industries reached 1.4 trillion yuan (about 196.6 billion U.S. dollars) in the first three quarters of the year, official data showed Tuesday.

The investment during the period jumped 17.6 percent year on year, accounting for nearly 40 percent of the central SOEs’ total investment, data from the State-owned Assets Supervision and Administration Commission (SASAC) of the State Council showed.

The SASAC said it has guided the central SOEs to develop strategic emerging industries and launched actions to promote industrial upgrading and boost future industries, achieving positive results.

The central SOEs have made a series of important achievements in key areas such as new-generation information technology, artificial intelligence and new-energy vehicles, it added.

Data from the SASAC also showed that the operating revenue of the central SOEs in strategic emerging industries in 2023 has exceeded 10 trillion yuan for the first time.