China will boost the presence of its centrally administered State-owned enterprises in strategic emerging industries, such as new-generation information technology, artificial intelligence and integrated circuits, in a bid to speed up the country"s transition to high-end industrial and value chains.

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The country"s top regulator for State-owned assets said that the government would support these firms in transforming toward greater digitalization and green development.

At an internal meeting on Thursday, officials of the State-owned Assets Supervision and Administration Commission of the State Council (SASAC) stressed the need to strengthen coordination of State-owned assets" supervision and policies.

They also called for optimizing the supervision policies regarding assessment, remuneration, key functions and businesses, investment and financing, in order to support State-owned enterprises in developing a modern industrial system in the country, the assets regulator said in a statement after the meeting.

China"s State-owned enterprises will lead the way in boosting economic activity this year amid containment measures by some countries that include additional tariffs, technology export controls and manufacturing reshoring, said Liang Jun, president of the Guangdong Association of State-owned Capital, on Friday.

The State-owned enterprises" plans to better their performance this year will contribute to a solid recovery in the world"s second-largest economy, he said.

During a meeting on May 8 between officials of the State-owned assets regulator and the Ministry of Science and Technology, Zhang Yuzhuo, the chairman of the SASAC, said the government will encourage State-owned enterprises in carrying out scientific and technological innovation, according to a statement issued by the regulator on Wednesday.

Zhang, it said, expressed hope that the Ministry of Science and Technology would further support State-owned enterprises in developing national-level laboratories, integrating into the national basic research system, participating in key national research and development programs, and forming national innovation consortia.

The total research and development expenditure of centrally administered State-owned enterprises crossed 1 trillion yuan ($143.96 billion) for the first time in 2022, data released by the SASAC in February showed.

By the end of last year, more than 70 percent of State-owned firms" presence was in crucial areas related to national security, the economy and people"s livelihoods, the data showed. These firms have also built more than 760 national innovation platforms and 91 national key laboratories.

The total profits of China"s State-owned enterprises grew by 12.4 percent year-on-year to 1.12 trillion yuan in the first quarter of 2023, according to data released late last month by the Ministry of Finance. Total revenue touched 19.76 trillion yuan, up 6.4 percent, the data showed.

"State-owned enterprises have a unique and irreplaceable role in the national economic system as they mainly operate in vital sectors that are directly related to the country"s economic security and people"s livelihood," Liu Xingguo, a researcher at China Enterprise Confederation, a Beijing-based research institute, said on Friday.

Although private companies have steadily increased investments in research and development, State-owned firms remain "at the forefront of national efforts", especially in fields such as basic research that require significant investment, Liu said.

Guangzhou Shipyard International Co Ltd, a subsidiary of China State Shipbuilding Corp — the world"s largest shipbuilder by production volume — delivered a luxury Roll On-Roll Off passenger ship to its Italian client, Moby Lines, last month.

This is currently the largest luxury Ro-Ro passenger ship in the world, according to the State-owned shipbuilder.

Thanks to its advantages in research and development and the manufacture of marine equipment, the State-owned conglomerate said the vessel has a large hybrid scrubber system that ensures all emissions meet clean environment targets.

Source：China Daily

Editor：Li zhuoqian

Senior Editor：Min Jie