China has made significant strides in improving the quality of the assets of state-owned enterprises (SOEs), driven by deepened reforms and enhanced supervision, according to a report.

The report on the enforcement of the Law on State-Owned Assets of Enterprises was submitted for deliberation on Sunday to an ongoing session of the Standing Committee of the National People's Congress.

By the end of 2023, the assets of SOEs, excluding the financial sector, totaled 371.9 trillion yuan (51.72 trillion U.S. dollars), said the report.

Last year, the combined revenue of SOEs nationwide stood at 85.6 trillion yuan, and the total profits amounted to 4.7 trillion yuan, reflecting a nearly threefold increase from the 2009 level.

The report attributes the achievements to the country's efforts in deepening SOE reforms and strengthening supervision of the state-owned assets.

The report also proposed establishing and improving the entrusted agency mechanism for state-owned enterprises and state capital.